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How can you boost your data insight?
It's now accepted knowledge that the effective use of big data will become increasingly important to all businesses in the coming years, as the amount of information generated has grown exponentially, but few people realize just what impact this will have on their operations.
A new infographic from Kognitio illustrates the challenge facing organizations, as it reveals not just how much data companies are creating, but what form this is taking and how much of it is going unused.
In today's ever-growing internet, the sources of data are wide and varied. As well as traditional avenues such as offices, computing activities and internet searches, firms have to deal with information originating from the cloud, mobile devices, location data and more. And the biggest issue facing many businesses as a result of this is that four-fifths of the data is unstructured.
What this means is it comes in the form of images, status updates, emails, presentations and web pages, to name just a few. These don't have pre-defined organizational models, so they can't be easily added to data warehousing solutions that use traditional row and column databases.
As a result, tried and tested data analytics and business intelligence strategies cannot be applied to this data, so a new approach is needed. In fact, such is the challenge presented by this complex unstructured data that half of business leaders say they are unable to get access to the data they need to improve their business' performance.
Solutions also need to be developed quickly, as the pace of data growth shows no signs of slowing down. The infographic shows that 134 exabytes of data are currently created every year – the equivalent of three trillion YouTube clips every day. And as traffic from mobile devices is expected to increase 13-fold over the next four years, data volumes, variety and velocity will get larger and more complex than ever.
Therefore, firms that have the right tools in place to analyze this huge volume of information stand well-placed to get ahead of their competitors. The Kognitio Analytical Platform is one of the best ways that businesses can create a fully integrated system that teams up big data analytics solutions such as Hadoop with existing processes.
The in-memory computing tool gives businesses much faster access to insight gleaned from big data, greatly reducing the time it takes to run queries. As a result, processes that would have previously been required to run for hours or even overnight can be completed in a matter of minutes.
Businesses that harness this technology are therefore able to see a wide range of benefits through applying the insight gained from big data analytics to their operations. The most common result will be to cut costs in their business processes, which is something 61 percent of companies expect to be able to do.
Other benefits that can be seen include reduced IT expenses, highlighted by 57 percent of companies. Gaining competitive advantage and boosting profits were both cited by 35 percent of organizations as positive results they expect from big data.