Challenges can be opportunities. Data processing will not be the same again — new dynamics have been added to this function. As data requirements continue to grow for more and more companies, small devices, ipads, iphones, androids and tablets can be used for timely data retrieval, anaylsis and quick solutions for businesses in almost every industry. Take the healthcare industry as an example:
Healthcare — A health care provider wants to access patient data and lab results from a small hand-held device. Larger organizations are already converting but there is a need for smaller clinics and diagnostics centers for this mobile technology. Smaller companies will either convert to mobile applications or be given software solutions by technology partners like www.performixbiz.com. This is an example of how data is being pushed to an end user.
Big data is getting popular with smart phones and devices. Newer versions of these devices are being launched every quarter and this trend is gaining popularity. Devices have moved from downloading to interactive with data capture capability.
Data is complex — So far the technology industry has focused on enterprise-wide data that is structured, but now data from small devices has to be mined. This new intelligence has to be applied to make accurate statistical inference resulting in productive business decisions.
Data is voluminous — There are 326 million mobile phones in the US and 1 billion phones in China. There are a total of 6 billion phones worldwide. Data from these mobile devices has never been collected and the sheer volume and complexity of the task is enormous… making data very large to deal with (BIG)!
Data Sources and Characteristics — Following are some of the many sources for data:
• Social media data
• Log data(usage of mobile)
• Call detail records
• Text messages
• Geo location
• Weather data
• Transaction data (mobile shopping)
Data Delivery — With a smart phone, consumer behavior can be influenced. Retail coupons and text messages on the smart phone can also be used on other devices. It levels the playing field for musicians and artists. Less-known artists have the same chance for their videos to be viewed on Internet TV as videos on regular programming.
Data Analytics and business intelligence — This is no longer just a function of big enterprise. Due to numerous mobile apps made available, data analysis is less cumbersome.This may lead to a mad race for devices with a greatest power and how much data it can possibly hold, processing speed and relevant analytics. These are all functions for a better smart device.Big data is so powerful that now TV sets are being formatted in the same manner as a smart device.
Finally big data will get more complex because currently we are pushing the results to end users. This is all calculated and done with a purpose. Now the scenario changes when it also involves pulling or collecting data — then the millions of small devices collecting another gazillion sets of data will become very complex. What it means is the complex data handling has to be simplified to make more sense for an invested party.
Another industry example — Take a product aisle in a retail store. A purchaser does a price check on a product and gets a limited result with a bar code. This has been manipulated by the manufacturer to only show the desired results. But a competitor can take the bar code from Google search ranking and use the same to place their product in a similar aisle placement.
In other words, companies can use big data in big ways. It is only limited to the needs of the business, and the imaginative spirit of the entrepreneur.