Big Data

'Big Data' is no more a technology fad, rather it is a business imperative. 'Big Data' normally refers to huge amount of unstructured datasets that typical database software is not able to capture, store, manage and analyze. Though 'Big Data' has connotation to volume of data in terabytes or petabytes or exabytes; still there is no defined threshold for 'Big Data'. 

Enterprises are flooded with information from variety of sources like emails, media streams, raw text logs, social media, log scrips etc. Some are intended ones and some are unintended ones or 'exhaust' data i.e. byproduct of some other activity. The trend in data inflow and storage more or less can be described as an obesity disease. Still enterprises need more data and that too faster data.

Gartner predicts that the enterprise data will grow more than 650% by year 2015. In the same way, IDC also states that the world's volume of data doubles every 18 months.

It is true that larger the enterprise, the importance of 'Big Data' is larger. Larger enterprises have larger stakes in their ecosystem comprising regulation, employees, suppliers , customers and competition. It is not that they need to take only big decisions rather they need to take swift decisions. And most of the times, right access to right information is not available at the right time. And those scenarios erode competitive advantage. More than meeting business aspirations in terms of differentiation, positioning, it is matter of survival now if enterprises do not have correct strategy around 'Big Data'.

The key is to find the meaning of these data inflow and create value for the enterprises. There are numerous techniques and technologies available to store, manipulate, analyze and visualize information out of these data inflow. At the same time these techniques and technologies are continuously evolving to improved versions. Those are easy to buy, learn and deploy. Whereas the challenge lies in  understanding 'what' is that value that enterprise is looking for and most important is 'why'?  What is the business aspiration of the enterprise in short-term and long-term? Is it competitive advantage or innovation or productivity or market dominance, etc. Once the business aspiration is clearly articulated, then the enterprise leaders need to ask fundamental questions as to what information will help them and at what events.

Hence it is utmost important for the enterprises to come up with a strategy around 'Big Data' along with a road map for preparation. The first thing is to accept data inflow as an asset in the inventory book. These data assets can be proprietary or public or purchased ones. Current business and IT managers who are more attuned to operational tasks should be reoriented or reeducated on analysis of the 'Big Data'. This includes knowledge around business analytics as well as associated techniques and technologies. This internal capability will create a data driven culture in the enterprise and catapult its readiness. Along with capability building, the enterprises should relook at their IT technology platform for enabling 'Big Data' along with internal policy issues around security and data protection.

Enterprises who will embrace and prepare themselves for 'Big Data', will be able to improve their competitive positioning in the market place with improved business forecasts, better productivity, higher possibility of innovation and reduced uncertainty in decision making.