Big Data is a relatively new term and relates to very large data sets, both structured and unstructured, that are analysed by computers in order to reveal trends, patterns and associations particularly relating to human interactions and behaviour. Data Analytics is the science behind the various applications that do the computational analysis and it’s this output that is designed for use by business leaders to base their business decisions on.
Decision makers receive the analytics outputs of both business and operational data in real time and it’s the provision of this data which gives a clearer picture of an operations effectiveness and indeed is transforming many traditional company cost centres into traditional partners within a business.
It’s also this provision of analytics in real time that is being seen as giving companies a head start when it comes to attacks by external intruders and malicious insiders many of these leading to serious financial and prestige losses. These attacks are becoming more commonplace and more sophisticated every day. Currently without the use of big data and its analytics applications these attacks may only manifest themselves weeks, months or even never whilst by embracing the new technologies IT teams can, by analysing behavioural patterns, etc can identify such breeches, much earlier.
Despite the apparent advantages of using analytics many decision makers are still ignoring its outputs and still relying on their “gut feeling” when making decisions. Recent research by Rosslyn Analytics show that only 44% of business leaders actually considered such data as being an asset and only 23% decided their strategies on that data.
With successful businesses today being required to operate in a much more agile and faster environment big data driven analytics delivering real time information and enhanced security is becoming an integral part of business. The reasons behind this doubt by some appears to be a mix of perceptions of poor data, multiple sourced data and the different types of data but as big data driven analytics matures and becomes more commonplace then this engagement is set to rise.
Steve Blythe (Recruitment and Social Media Commentator).