Big Data is, without a doubt, one of the megatrends that every business must confront sooner or later. But has the Big Data trend gotten out of hand and become more than it really is?
Yes and no.
Big Data is here to stay; it is far more than a business fad, and it is right up there with the cloud in terms of a true business revolution. With the move to an all-digital world that is increasingly hosted in the cloud, there is more accessible data than ever before. And when coupled with advances in analytics, much of this data can inform business strategy.
On the other hand, there is a faddish element to some of the Big Data discussion right now. Not every business should be thinking about using Hadoop and rolling out NoSQL databases. While some firms are starting to truly leverage Big Data for real-world business results, just as much talk about Big Data is still centered around the promise of Big Data and not where it currently is today.
This is much the same as social media 10 years ago, in fact. Social media has changed the communications and business landscape, but it took awhile before it had true business value. At first, there was just the promise and lots of businesses rushing to get in on the opportunity. Only now are the platforms, the tools, and the understanding of the technology catching up to the initial hype of social media.
In many ways, the same is happening with Big Data today. The opportunity is humungous, and anyone with a little creativity can see that in 10 years business will be radically transformed by better and more complete data. Gartner (News - Alert) even predicts that 80 percent of business processes will be changed from a decade before as a result of the new information explosion.
Right now, though, it is important to tread carefully and take bite-sized ventures into the Big Data waters. Use the emerging set of analytics tools that the market is starting to offer. Set specific goals for Big Data use. But take it slow—and know that these are still early days.
Big Data is going to change how you do business, but right now there’s as much hype as reality going on in the space.
Edited by Rory J. Thompson