There was a huge focus on Big Data in 2012 which is expected to continue in the coming years. Organizations paid attention to how they can actually make use of their data assets in their business operations to gain a competitive edge in the market. CIO lists 12 popular Big Data stories in 2012.
- Open source technologies in Big DataWith companies increasingly focusing on leveraging Big Data to their advantage open source technology has found its way into the core of such Big Data initiatives. Some of the top software in this area includes Apache Hadoop, Cascading, Scribe, ElasticSearch etc.
- Real-world deployment of Big DataThis is one of the important Big Data stories in 2012. The amount of Big Data in the world doubles every eighteen months. It is essential to be aware of the real world deployments of Big Data so that other companies in the industries can follow the methods or undertake their own innovative ones. Some of the companies which deployed Big data were National Oceanic and Atmospheric Administration (in its National Weather Service), AM Biotechnologies ( solution to DNA sequence analysis), national Archive and Records Administration( in its electronics records archive), Vestas ( placement and maintenance of wind energy turbines) etc.
- Trends affecting Big Data in the financial servicesFinancial services industry has been largely guarded over the uptake of Big Data in its functions. Some of the trends that will pave way for the adoption of Big Data initiative in financial services are requirement of larger data sets having historical data, new compliance and regulatory requirements in firms, emphasis on enterprise risk management, stress on leveraging consumer data across different delivery channels etc.
- Preparing for Big DataBig Data might be a couple of years away for several organizations. But adequate preparation is needed to face the scenario. Reference information will be required (for example , from semantic data model) to analyze Big Data effectively. Once the data has been obtained, it has to be secured well.
- Concern and Confusion regarding Big Data
Many organizations are worried about the huge prospect of managing Big Data while others do not even have a vague understanding of Big Data. Log management solutions are available to help organizations deal with Big Data. Some organizations employ syslogs, spreadsheets and some do not use any methodology at all.
- Equifax uses Big Data
Equifax is a giant credit bureau and it presently uses Big Data in order to produce analytics products collecting data from 800 billion customer and business records all over the world.
- Big Data powers BI and predictive analysis
Big Data is paving way for Business Intelligence by giving decision makers to effectively conduct predictive analysis.
- Big Data analytics brings in money
In spite of the enormous hype surrounding Big Data, a lot of action has been going on too. Organizations are moving towards accepting Big Data and its analytics in order to increase efficiency and revenue.
- Winning at Big Data challenge
Big Data is a challenging field to be in, as it requires organizations to invest in new technology and acquire talents and be one step ahead. The organizations will require Data scientists who have expertise in analytics of data and familiarity with business operations and concepts.
- Hadoop creator gives an outline of the future of Big data
According to Doug Cutting, Apache Hadoop Project founder, Big Data is neither a bubble nor mere hype. He says that Hadoop will have a huge role to play among Big Data Systems.
- Big Data to help retain customersEven though Big Data has not yet evolved, it helps organizations identify why customers leave and thus enable them to prevent customers from leaving by taking adequate measures.
- CIOs should keep an eye out for Big DataBig Data is here to stay and CIOs will have a crucial role to play in this regard. CIOs should be constantly alert regarding getting data from anywhere and should acquire the necessary expertise in dealing with Big Data. They should be aware and familiar with the software available.
The above points highlighted some of the major developments in business operations that madeBig Data Stories in 2012. With Big Data emerging out of the hype, organizations have realized the immense potential in their hands.