Big data is data that is too large, complex and dynamic for any conventional data tools to capture, store, manage and analyze. The right use of big data allows analysts to spot trends and gives niche insights that help create
value and innovation much faster than conventional methods.
- 57.6% of organizations surveyed say that big data is challenge.
- 72.7% consider driving operational efficiencies to be the biggest benefit of a bid data strategy.
- 50% say that big data helps in better meeting consumer demand and facilitating growth.
- The "three V's", i.e.. the Volume, Variety and Velocity of the data coming is is what creates the challenge: 1) Volume: North America (>3.500); 2) Latin America (>50); 3) Europe (>2.000); 4) Middle east (>200); 5)
India (>50); 6) China (>250); 7) Japan (>400); 2) Variety: People to people. Netizens, virtual communities, social networks, web logs; People to machine. Archives, medical devices, digital TV, eCommerce, smart cards,
bank cards, computers, mobiles; Machine to machine. Sensors, GPS devices, barcode scanners, surveillance cameras, scientific research; 3) Velocity: 2.9 million emails sent every second; 20 hours of video uploaded
every min;50 million tweets per day; 3) Value: Retail (productivity increase - 49%, sales increase - $9.6b); Consulting (productivity increase - 39%, sales increase - $5.0b); Air transportation (productivity increase - 21%,
sales increase - $4.3b); Construction (productivity increase - 20%, sales increase - $4.2b); Food products (productivity increase - 20%, sales increase - $3.4b); Steel (productivity increase - 20%, sales increase -
$3.4b); Automobile (productivity increase - 19%, sales increase - $2.0b); Industrial instruments (productivity increase - 18%, sales increase - $1.2b); Publishing (productivity increase - 18%, sales increase - $0.8b);
Telecommunications (productivity increase - 17%, sales increase - $0.4b).
- Case study - healthcare: 1) $300 billion is the potential annual value to healthcare; $9b public health. Public health surveillance and response systems; $165b clinical. Transparency in clinical data and clinical decision
support; $5b business model. Aggregation of patient records, online platforms and communities; $47b accounts. Advanced fraud detection, performance based drug pricing; $108b R&D. Research and development,
personalized medicine, clinical trial design; 2) 40% projected growth in global data created per year, 5% projected growth in global IT spending per year. The estimated size of the digital universe in 2011 was 1.8
zettabytes. It is predicted that between 2009 and 2020, this will grow 44 fold to 35 zettabytes per year. A well defined data management strategy is essential to successfully utilize big data.
WIPRO - Applying Thought | www.wipro.com.
Do Business Better - NYSE:WIT | Over 130.000 employees | 54 countries | Consulting | System integration | Outsourcing.
Sources: 1. Reaping the Rewards of Big Data - Wipro Report | 2. Big Data: The Next Frontier for Innovation, Competition and Productivity - McKinsey Global Institute Report | 3. ComScore, Radicati Group |
4. Measuring the Business Impacts of Efefctive Data - study by University of Texas, Austin | 5. U.S. Department of Labour.