How do you predict the unpredictable? The constant shift of emerging technology, market innovations, and global volatility puts stable businesses in jeopardy. Best practices lose their edge at faster rates. Often, it’s the very tool stimulating all this change that prevents companies from going under: big data analytics.
Industry leaders have talked about big data for so long that it’s verged into buzzword territory. But the best business intelligence comes when big data analytics breaks the barriers between complex data sets and draws a game-changing conclusion. What businesses often lack in this equation is the technical guidance to get the best results. Here’s why they need it
The Power of Big Data Analytics
Our world is inundated with data. Over 2.5 quintillion bytes of new data are created daily, ranging from the quantitative (revenue growth, social followers, weather data, etc.) to the qualitative (email conversations, error reports, patient charts, etc.).
Big data analytics has the horsepower to analyze that magnitude of data, whether or not it neatly fits in a relational database. Sophisticated algorithms used in Cloudera’s, Teradata’s, or IBM’s big data platforms make real-time assessments to help lower costs, boost revenue, and direct new initiatives.
The best part is that few big data analytics tools are industry specific. Tech companies and economic think tanks aren’t the only ones using them. The federal government can now evaluate the buying power of $100 in each state. IBM analyzed data from reports on food-borne illnesses to speed up investigations. Healthcare providers are exploring imaging analytics as a way to better personalize medical treatment.
In all these instances, organizations are taking existing data to help them or their customers more efficiently navigate a changing market. The insight they get can yield unexpected answers, which can propel them in the right direction, if heeded. But though the answers available through big data are open-ended, an organization will find transformative real-time analysis difficult to achieve without the right people.
Exploring Big Data Unguided
Limitations exist for big data analytics. This is not a Magic 8 Ball you can shake and get an answer. Despite the evolution of various platforms, businesses still cannot 100% automate the analysis process. Even businesses using machine learning need someone to input queries and work to unpack the findings.
That gets to the greatest challenge facing businesses looking to leverage predictive models: that the talent isn’t always available. At least 80% of data scientists in the industry say that there is a talent shortage facing their businesses and clients. Other studies show that by 2018, there will be a talent gap of 50% to 60% between the supply and the demand. And without that talent, organizations will have a difficult time riding the waves of change coming from all points of the business world.
Getting Big Data Analytics to Work for You
As talent shortages rise, it will be more important to find data science professionals through unique hiring strategies. Talent will only be available for small windows, so traditional candidate search methods will yield great employees less often. But there are new sources of exceptional data analysts emerging every day.
The upcoming i.c. stars event Why Data Management and Analytics Are a Priority for Your Business provides more insight into why big data analytics are a prerequisite to conducting business today and where you can find sharp analytical minds without an exhausting search. Sign up for the event today and get a better perspective on how to future proof your business.