- The floods of data today will double every two years and have profound implications on managing it.
- With this rising intensity of big data analysis, businesses have adopted new database systems.
- Sound data analysis and management of big data have become the pillars of business intelligence.
Are you great with numbers? Are you intrigued by big data? If so, you are just a few steps away from becoming the next big thing.
Big data has had a profound effect on companies all over the world. They need to analyze the data that they collect, and a sizeable part of this analysis relates to the interpretation and representation of this data in concise and clear ways.
There has been a huge increase in the number of startups that have enjoyed huge results in figures as well as customers. This success has renewed an interest in the phenomenon commonly referred to as big data?
What is big data?
Welcome to the age of big data, a phrase that has become synonymous with technological trends this decade. The New York Times defines big data as “a shorthand label that typically means applying the tools of artificial intelligence, like machine learning, to vast new troves of data beyond that captured in standard databases.”
There is more and more data that is growing at about 50 percent or more every year. This means that the floods of data today will double every two years, which has profound implications on information management.
The analysis of these large packets of data is integral for computing intelligence for business. In the same breath, this can result in better access to information for the public as well as governments and business.
Today, data is becoming more available and becoming more understandable to computing technology. The majority of big data is complex, composed of videos, images and words. This kind of data is unstructured and presents a huge challenge to traditional databases.
The role of start ups
With new computing tools and hardware, more insight in managing unstructured data is gaining ground. This rapidly advancing technology has been carried on the backs of individuals dedicated to the advancement of artificial intelligence techniques, such as machine learning and pattern recognition.
These advances have especially been driven by technologically savvy individuals and a new wave of database company start-ups.
There has been an explosion of new opportunities aligned with the rapid demand for data consultants within the corporate world. Big businesses are relying more and more on data-savvy consultants to make sense of large waves of new data.
This includes data from corporate Web traffic and social networks as well as data associated with various critical functions and critical business stakeholders such as customers, suppliers and shipments.
To effectively exploit the massive data floods, businesses will continue to rely heavily on individuals with analytical capabilities and high aptitude on the analysis and interpretation of big data.
For example, The McKinsey Global Institute projected that the demand for workers with very good analytical expertise would continue to rise. With this rising intensity of big data analysis, more and more businesses have opted to adopt new database systems to manage the access, storage and analysis of big data to guide analysis.
The consequence of the abundance of data extends beyond the internal business environment. A new and urging demand for database company startups has been associated with the “age of big data,” as database management becomes increasingly labor-intensive.
These new startups have become rather attractive in data analysis and database support through the provision of unique services. These are as described below.
The notable names in Silicon Valley as well as rising startups have showcased their mastery at harnessing large volumes of data from social networks, messages, blogs and other posts. This has been particularly integral in driving internet advertising. Big data is continuously being viewed as a key topic, and has been set aside as a new class of economic assets.
Fast growing startups
Big data has been identified as one of the most rapidly growing segments of information technology, with a market that is speculated to grow in tens of billions every year.
Big data has become the focus of new start-ups which have dedicated their expertise to assisting businesses to analyze data more easily and effectively and to derive maximum value from it.
Some of the most impressive startups include companies that offer technology for the analysis of data, as well as companies that offer software that presents data analytical capabilities to support everyday business processes.
New database startup companies are offering technology-reliant private enterprises with secure databases for their various needs. Notable startups have risen to dominance on their ability to offer secure, flexible and scalable databases.
Businesses today rely on the security of their data to maintain and protect their trade secrets, as well as to remain afloat in an increasingly competitive global environment.
Management of data overload
Sound data analysis and management of big data have become the cornerstone of business intelligence. New support services such as the ability to display metrics in customizable and friendly visual Web interfaces have been central in managing data overload. There is just too much data, which requires bigger networks and more powerful systems to make sense of big data.
Data accessibility spans from not only business, but to all people. Several notable names, including Alpine Data Labs, have been working on making data accessible to all people, including business enterprises.
The implications of this is that businesses are able to enjoy hierarchical data access capabilities, where different classes and forms of data are available to the different stakeholders of the business, including top management, employees, customers and even suppliers to simplify intra- and inter-organizational data and information exchange.
The quest to make data more accessible to everyone in a form that can guide decision-making has fuelled the proliferation of new and innovative database company startups.
As information processing continues to become one of the most critical facets of business, the demand for faster, reliable and more secure avenues of data analysis and processing will continue to rise. In light of the insight on big data and analytics as explicated herein, it is arguable that as time progresses, so must new database company start-ups and so must new ideas. Most importantly, so must you.