How will big data and
high-performance analytics affect our world?
‘Big Data.’ It’s
one of the big topics on the agenda at Analytics 2012 to be held at Las Vegas
on October 8-9.
Big data is a collection of
data sets so large and complex that it becomes difficult to process using
on-hand database management tools. The challenges include capture, storage, search,
sharing, analysis, and visualization. The trend to larger data sets is due to
the additional information derivable from analysis of a single large set of
related data, as compared to separate smaller sets with the same total amount
of data, allowing correlations to be found to spot business trends, determine
quality of research, prevent diseases, link legal citations, combat crime, and
determine real-time roadway traffic conditions.
Few Examples-
▪
Walmart
handles more than 1 million customer transactions every hour, which is imported
into databases estimated to contain more than 2.5 petabytes of data - the
equivalent of 167 times the information contained in all the books in the US
Library of Congress.
▪
In
total, the four main detectors at the Large Hadron Collider (LHC) produced 13
petabytes of data in 2010 (13,000 terabytes).
▪
Facebook
handles 40 billion photos from its user base.
▪
FICO
Falcon Credit Card Fraud Detection System protects 2.1 billion active accounts worldwide.
▪
The
volume of business data worldwide, across all companies, doubles every 1.2
years, according to estimates.
▪
Decoding
the human genome originally took 10 years to process; now it can be achieved in
one week.
How it affects our world?
Here’s what some of the speakers and
sponsors of Analytics 2012 had to say:
“It will
impact everyone - almost all problems have an element of growth in data. The
needs are growing and eventually all will face it sometime.” Jeff Zeanah, Z Solutions
“There are
examples where high-performing analytics occurs with relatively small amounts
of data. It’s the quality of the
analytic – not the quantity of data – that’s important.” Glenn Bailey, Manheim Auctions
“Regional
banks that use Legacy databases won’t have the Big Data success stories for
some time. They need to centralize the data and begin loading real time to
really see the advantages.” Emmett Cox,
BBVA Compass
“Although we
consider our database large, it is still relatively small compared to what
other industries or larger companies have to work with. For us, big data
and high-performance analytics are not yet cost effective since our database is
manageable in the current environment.” Paul
Grasso, Chico’s FAS
“The key
objectives of high-performance analytics will be to increase share of wallet
and maximize profitability. If companies can master how to optimize
marketing spend and develop a contact and channel optimization framework this
will allow for them to increase customer satisfaction and compete more
effectively in the marketplace.” David
Liebskind, GE Capital
“I think that new techniques will continue
to emerge from the academic world around how to work efficiently with massive
amounts of data. We may find that some of the standard approaches we’ve been
using for years will no longer be as appropriate in the future. That also means
practitioners must continue to learn, train, read, and evolve if they want to
stay current. That historical balancing act between academic creation and
business practicality is really important as we move into this big data
space.” Andy Pulkstenis, State Farm.
Posted by,
Ankit Agrawal
Team-J
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