Let’s Talk Big Data
More and more consumer data is collected every day. In fact, according to an infograph provided by Elexio, 90% of it was produced and collected these past couple of years. From how we use our credit cards, which stores we shop at and how we use social platforms, data is being collected in mass quantities. Now it is just a matter of how we use the data. Is all this information really significant or does the data in the amounts of hundreds of petabytes have little worth? Based on the evidence provided by Elexio’s infograph, information collection is costing the U.S. $900 billion; leading to a whopping 40% being thrown away due to not knowing what or how to use it.
While many are still unsure how best to utilize this information, more and more companies are continually insisting on accessing it. As shown by Alteryx, even though companies do not know how best to use all the information gathered 45% of businesses say they need more. Not only do companies feel they need more data, they feel that more of their employees need access to the data in order to make more knowledgeable company choices. A whopping 77% of companies express the need for extensive employee access to such information for the well being of business decisions.
So, to what extent is this industry projected to grow in the next 10 years? Well, based on information provided by SAP, Big Data is a key element, along with the Cloud, Mobility and Social Business, in the 90% growth of 3rd Platform Technologies of ICT spending. This growth will jump the need for data analytical positions within the industry. Currently around 68% of businesses still do not have a Big Data analytics team, however, with the projected growth of this niche that percentage will diminish quite rapidly over the next couple of years.
Big Data helps us not only determine consumer behavior, but it in turn also helps analyze market behavior, as well. Big Data helps us project which industries are growing and which are declining. With that said, many companies are still lacking Big Data sectors and thus missing out on the many uses it has. For example, from Alteryx’s infograph, we learn that four sectors, customer service, human resources, general management and strategy and business development, are restricted by their Big Data shortage. And of those four niches, customer service, strategy and business development and general management, along with marketing would significantly gain from an increase in Big Data competence.
One thing is for sure, the need for Big Data is on the rise. More and more companies are looking to reap the benefits and though we aren’t quite efficient in its use, this will soon diminish as the niche erupts over the next few years.