The Importance of Controlling Big Data
Mark Mulcahy – Waterford Technologies
The concept of ‘big data’ is becoming more and more vital to both business and society as organisations begin to grasp the importance of capturing, defining and using the unprecedented growth of information in the Information Age.
Why is this? In simple terms, the more data a company can hold, the more accurate the analysis of every aspect of their operations, from decision making to marketing to overall efficiency, can be. The growth in this volume has come from a number of factors, including the storage of transaction-based data, social media data and machine to machine data. The problem now is how to determine the relevance of this data and how to use analytics to create value from its retention.
Dealing with the variety of this data is another growing issue. Unstructured text documents, email, video, audio, and financial transactions all contribute to an increasing burden. Managing, merging and governing these different varieties of data is something many organisations must get to grips with. The ultimate aim for these companies should be to take this data from any source, sort out its relevance and then analyse it to find answers that can initiate cost reductions, time reductions, new product development and optimised offerings, and smarter business decision making overall.
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