Big data tops the chart of the most interesting technology trends, and has been doing so for quite some time. Having a closer look at the topic gives you a good idea why this is. There is an incredible amount of promise in the concept, but practical applications and consistent business value have eluded many big data initiatives despite the fact that companies have been, and still are, investing heavily on these. This general conclusion is well echoed by Gartner’s Hype Cycle, which places big data in the phase of trough of disillusionment. In other words, big data needs to prove its value for businesses in a consistent manner.
Despite the fact that many initiatives have fallen short, there are also many cases that go to prove that big data is not overhyped, let alone just a passing trend word. Current and future big data initiatives have the power to affect our daily lives and benefit both individual companies and the society at large. In addition to the successful use cases there are several economic, societal and technical developments – like the exponentially increasing amount of data created every day, decreasing costs of sensing technologies and data storage, and ubiquity of broadband connections – that suggest that big data is about to get very real, and soon.
Tackling the challenges that come with trying to extract value from big data is not easy, that much can be said based on the combined track record of big data initiatives by companies and other organizations alike. That is not to say that this is not possible, however, far from it. One crucial piece in the puzzle that is business value from big data is data harmonization. This is where data integration and data management can greatly reduce the complexity of a big data initiative by enabling quick and reliable data analysis. Only through a reliable analysis can the true benefits from big data be reaped – and that is where the sizzle comes from.
Join me tomorrow as I get deeper into the topic on my latest webinar: From Big Data to Actionable Insight.