How Big Data Is Changing the Global Market
Source – customerthink.com
Companies across the globe are quickly realizing that big data and analytics can help their operational effectiveness. Companies are trying to integrate new technologies into their current business plans and even going to lengths of to improve the efficiency of their operations.
Many companies have been asking the time-honored questions, how do we improve quality; how do we keep production at sustainable levels; how do we improve our current business model? Big data is playing a major role in this change, and these companies are embracing the fact that they have to use this data purposely.
Today, we will explore in more depth about the new era of big data and its potential untapped multi-billion dollar market.
Big Data Beginnings
Originally big data started off as only a term to describe a dataset that was beyond its scope of the average database. Thanks to the rise of technology over the last decade the term stuck and big data expanded giving birth to a whole new meaning. Big data expands upon being massive in its data set as well as being a collective set of technologies that manage, capture, and store this data in order that it may solve complex problems.
Dynamics of Big Data and Software Companies
Currently, many of the bridges between big data and software lie in the Internet of Things (IoT) connecting and tying everything together with the help of major Internet service providers. However, looking at this from the big data side many companies want to have all the answers with analytics and insight. On the other side of the coin, you have the software supplier wanting to provide a front end to their customers to be able to explain what’s going on.
The IoT has been providing a bridge to tie these ideas together in order to evolve the transition. The value behind this entire process lies in scaling solutions for different companies based on solutions that they need. By finding solutions in small percentages it could save corporations millions if not billions in efficiency gains. This is being accomplished by examining data from a variety of sources in the rapidly developing market.
Risks Involved For Companies Looking For Big Data Solutions
Right now, there are smaller big data companies in the marketplace who have one-stop fixes for a few scaling solutions. However, many companies are looking for a distinctive new technology that is different from what the average company in the marketplace is offering as it has to cater to their needs in terms of big data. After all, every business has different business functions that make them distinct from their competitors.
Right now we are in the birthing period of big data in the digital frontier, and it will be an exciting time to use the bridge of the IoT to plug in missing gaps. In the next couple years, there will be a real opportunity to lead the industry in a new direction by using big data to escalate technology into the edge of the digital spectrum.