|By Rick Kawamura||
|March 8, 2012 06:00 AM EST||
I recently presented, "The Moneyball Approach to Big Data - Creating an Unfair Advantage," at the Wall Street Technology Association's Hot Technologies Forum in New York. Everyone is talking about Big Data, but when it comes to taking action, most are taking a "wait-and-see" approach, and that concerns me. Skepticism or "late-adopter" mentality is understandable - if you want to forego a low-risk, high-reward opportunity and let your competition gain the advantage.
My job is to create value for my customers, and I'd hate to see anyone miss out on the opportunity presented by Big Data.
What's the Problem?
The Corporate Executive Board identified three potential barriers to Big Data implementation:
- Information Attainability (the right information is available and easy to find)
- Information Usefulness (information is of good quality and is usable in format)
- Employee Capability (employees analyze information effectively to make good decisions)
While these are definitely three potential barriers to implementation, the main problem I see in the market is pre-implementation where the "wait and see" mentality is caused by either a feeling that Big Data is over-hyped ("maybe it will go away"), or paralysis by analysis (the enormity and complexity of Big Data is too confusing to take action).
What Is Big Data?
The most common definition I've seen for Big Data is summarized by the three Vs:
- Volume: It's big - terabytes and petabytes of data
- Variety: It comes in many forms - internal, external, structured, and unstructured
- Velocity: It is growing and changing rapidly - making real-time capture and action hugely important
This definition is always supported by numbers showing the vastness and enormity of Big Data:
- The New York Stock Exchange creates 1 terabyte of data per day (InformationWeek)
- 10,000 payment-card transactions are made per second worldwide (American Banker)
- 30 billion pieces of content are shared on Facebook every month (McKinsey)
- Twitter feeds generate 8 terabytes of data every day (InformationWeek)
The Internet plays a huge role in the rapid growth of Big Data, giving individuals the ability to post and upload immense amounts of pictures, text, video, and mobile data. It also gives businesses a channel to offer access to customers and partners through web-based applications (think Oracle, salesforce.com, social media, procurement, logistics, publishers, etc.). One way to visualize this explosion of applications and data is the Bessemer Venture Partners Cloudscape. And that's just in the cloud. Don't forget all of the apps and data behind the firewall of every organization, whether commercial, governmental, or charitable. Big Data truly is BIG.
Before you go out and buy massive amounts of storage, take a look at what you currently consume and utilize and start from there in easily digestible portions. Forrester estimates that enterprises currently utilize less than 5% of available data. In a survey of global executives, IBM shows that 33% have made decisions with inaccurate data or data they don't trust; half don't have sufficient information from across their organization to do their job; 75% believe more predictive information would drive better decisions; yet 87% have yet to even start taking advantage of opportunities to leverage information to their advantage. You don't need to immediately implement a solution getting you to 100% or even 50% of available data - 6-10% will do for now.
If there are 200 million tweets a day equaling 8 terabytes of data, but only 1,000 of those tweets relate to your product or company, do you need to store and analyze all 8 terabytes every day? Think of it this way: there's a huge difference between "I have terabytes of data - videos, satellite pictures, social media conversations, and research reports" and "I know where Public Enemy #1 is." It comes down to Data vs. Intelligence. Data is useless if you can't extract meaningful intelligence from it. And the quality of the intelligence is much less dependent on the volume of data than it is on the relevance of the data and your ability to access it.
The Magic Words: Relevance and Accessibility
Although Big Data lives up to its name, don't get caught up in all the massive numbers. Focus on what's relevant to your business. Consider this: Sybase published Big Data, Big Opportunity that stated "for the median Fortune 1000 company... a 10% increase in usability of data translates to an increase of $2.01 billion in total revenue per year, [and] a 10% increase in accessibility to data translates to an additional $65.67 million in net income per year." Just because your company currently may have access to only 5 percent of the relevant data that is available, don't despair. You don't have to go from 5 percent to 100 percent. You really only need to go from 5 percent to 5.5 percent to reap great rewards.
The Secret to Taming Big Data
Despite all the hype and discussion around Big Data's massiveness, I've yet to find a single article mentioning the difficulty of accessing data that is spread throughout all of the various source applications. Until recently there were no Big Data integration platforms that could deal with the exploding number of applications and all of the data they contain, as well as the speed at which both are changing. Just a glance at the daily domain statistics on www.domaintools.com gives you an idea of the volume of sites being created, deleted, and transferred every 24 hours. Not every integration solution can manage the intensity of that kind of change to give you access to the relevant data - the business intelligence - your business needs when you need it.
The whole point of gaining access to relevant data is that it must be actionable. Otherwise it's a big waste of time and effort. What's amazingly useful about Big Data, and the web-based nature of so much of it, is that with a Big Data integration platform you can access any data you can see on a website and you can just as easily transform that data, perform an operation on it, and automate a resulting action. Here's an example:
You know that consumers and even your B2B purchasers research prices online and that loyalty to any one vendor has deteriorated as buyers have more pricing knowledge just a search and mouse-click away. But you're smarter than your competitors because you're already doing the extra 10 percent. You set up automated monitoring of your competitor's pricing, and when their price drops below yours, your Big Data integration platform calculates the difference plus 10%, logs into your ecommerce site and adjusts your prices automatically, all in mere moments. The beauty is that this can all be set up in hours, if not a few days, and you don't have to bring in an army of developers or consultants to create custom code to do any of it.
If I told you I could guarantee any application or data you can see in your web browser (customer data, bank transactions, twitter, blogs, supply chain vendors, government data, competitor prices, etc.) could be automatically accessed and loaded into the application, database, or spreadsheet of your choice, how many game-changing Big Data projects could you imagine? Understanding the point-in-time cash position of billions of dollars across 300 banks? No problem. Monitoring competitor pricing on 50,000 SKUs every day? Simple. Automating a 23-step manual invoicing process to get paid millions of dollars two days faster? Done. Real-time, automated access to the relevant data you need is the key to success with Big Data.
Every company can benefit from Big Data in many ways, but most don't realize it. Hundreds of scenarios are possible using real-time application integration platforms that could save your company millions of dollars; grow revenue by double-digit percentages; create more personalized products that delight your customers; automate real-time feedback on your brand, products, and competitor prices; create your own custom research that allows you to see trends before your competitors do; and overall make your company a much more agile business that scales with your new-found vigor and growth. Don't let the size of Big Data paralyze you; get real-time access to the data that is relevant to your company's growth and take action.
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 6, 2016 06:30 AM EST Reads: 1,084
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Dec. 6, 2016 06:00 AM EST Reads: 450
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Dec. 6, 2016 05:00 AM EST Reads: 1,643
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 04:45 AM EST Reads: 996
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Dec. 6, 2016 04:30 AM EST Reads: 1,928
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 12:45 AM EST Reads: 850
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Dec. 6, 2016 12:30 AM EST Reads: 1,197
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Dec. 6, 2016 12:30 AM EST Reads: 4,588
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 6, 2016 12:00 AM EST Reads: 903
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 10:30 PM EST Reads: 1,059
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 5, 2016 08:45 PM EST Reads: 540
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Dec. 5, 2016 07:45 PM EST Reads: 2,234
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Dec. 5, 2016 07:45 PM EST Reads: 2,097
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Dec. 5, 2016 07:15 PM EST Reads: 5,061
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 5, 2016 05:45 PM EST Reads: 1,624
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 5, 2016 04:30 PM EST Reads: 2,076
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Dec. 5, 2016 04:15 PM EST Reads: 872
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 5, 2016 03:45 PM EST Reads: 4,266
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 5, 2016 03:45 PM EST Reads: 403
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 5, 2016 02:45 PM EST Reads: 706