Big Data and the search for hidden knowledge starts where processing and interpreting data becomes impossible for human beings because of the sheer volumes of data.
You are familiar with statements like 90 percent of the worldwide data volume was created in the last two years. Storage space does not cost much today, and so data is usually stored and simply retained. To be sure, this also creates data volume. Every individual leaves a data trace, whatever he or she does. This is obvious where a smart phone or web surfing are involved. But have you ever thought of what happens when you pay by your loyalty card in the supermarket? The information about what you bought and when is collected, of course. How else can they decide which offers to target you with?
Today, almost anything can be digitalized and thus communicated, used and processed. Data is created everywhere, for example in the form of texts, images, videos, audio files, orders, contracts, and of course data is also created from your production facilities or in your ERP and CRM system. Your company continuously produces large data volumes every day. By now every company retains databases several terabytes in size, and new information is added every second; the data types and data sources are manifold, complex and partly also unstructured, therefore conventional data processing methods can no longer be used for data analysis. Now you may ask yourself whether analysis and interpretation of the enterprise data generate any value. It depends on the quality of the data, or more specifically on the information content in relation to a specific question and on the extent to which the data describes reality reliably.
There are doubtlessly questions in your enterprise to which answers are needed to give you the decisive competitive edge. Usually the answers are hidden in the data graveyard of your enterprise, waiting to be discovered. Big Data allows you quick and real-time searching of enormous amounts of data and sources to locate valuable and relevant information. Starting out from a concrete question, automated and intelligent algorithms scan your data files to identify relationships, rules, patterns and statistical anomalies. The information and knowledge gained from the search also takes time, events and context into account. Thus your enterprise can continuously develop relevant strategies, measures and processes to optimize your business.
Big Data gets done what human beings and conventional methods of data analysis no longer manage to do and creates value from the infinite volume of your enterprise data, which never stops growing. If you are looking for answers to concrete questions, please contact us. Your enterprise data is most certainly hiding more than you are aware of.
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