Big Data’s Evolution in Business Decision Making

Big Data's Evolution in Business Decision Making

We have all established that Big Data is big and all the noise about Big Data is not just hype but reality. With the increase in technology the data generated on Earth is doubling in every 40 months and huge heaps of data keeps coming in from multiple sources. Let’s look at some data to really understand how Big Data is evolving:

  1. The population of the world is 7 billion, and out of these 7 billion, 5.1 billion people use a smart phone device.
  2. On an average everyday almost 11 billion texts are sent across the globe.
  3. The global number of Google searches everyday is 5 billion

But there is an imbalance as we have been creating data but not consuming it enough for proper use. We generate 25 quintillion bytes of data daily through our regular online activities including online communications, online behaviour, video streaming services and much more.

Studies carried out in 2012 showed that the world generated more than 2 zetabytes of data which is roughly equal to 2 trillion gigabytes. By the year 2020, we will generate 35 trillions of data and to manage this growing amount of data we will need 10 times the servers we use now and at least 50 times more data management systems and 75 times the files to manage it all.

The industry is still not equipped to handle such an explosion of data as 80% of it is unstructured data. It is beyond the scope of traditional statistical analysis tools to handle this amount of data as it is too complicated and unorganized.

The talent pool required to effectively manage Big Data will fall short by at least 100 thousand minds as there are only 500 thousand computer scientists but less than 3000 mathematicians. But to truly utilize the complete potential of Big Data we need more human resource and more tools.

The solution to tackle this even bigger problem of Big Data is Big Data Analytics. It is fresh new way of thinking about the company objectives and the strategies created to achieve them. Big Data analytics is the answer behind where the hidden opportunities lie.

SAS, R programming , Hadoop, Pig, Spark and Hive are a few advanced tools that are currently in use in the data analysis industry. SAS experts are higly in demand in the job market recently as it is slowly emerging to be an increasingly popular tool to handle data analysis problems. To learn more about SAS training institutes follow our latest posts in DexLab Analytics.

For more information please read our blog at http://www.dexlabanalytics.com/blog/the-evolution-of-big-data-in-business-decision-making

 

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