How is Big Data different from other tools
that were been used 5 and 10 years ago?
As
you can see from this picture there is a lot of DATA been produce, which is growing
at really fast rates. BIG DATA allows you to take into account ALL these
information, Terabytes of information, which could is limited to other programs
such as Excel. Another difference is the
input of External information that is available to companies, social media,
blogs, etc. Which BIG DATA takes into consideration while other programs will
find it more challenging to include.
How expensive it is to implement BIG DATA
into a company?
The price
varies depending on the industry, size, and sophistication of the information.
However, research has shown that the ROI of investing in BIG DATA is large. According
to IBM: “Plenty of customers are seeing tangible ROI using IBM solutions to
address their big data challenges:
- Healthcare:
20% decrease in patient mortality by analyzing streaming patient data.
- Telco:
92% decrease in processing time by analyzing networking and call data
- Utilities: 99%
improved accuracy in placing power generation resources by analyzing 2.8
petabytes of untapped data” [1]
Note:
Remember to take into consideration that you must invest in security to protect
your information.
How do I know what information is useful
and what’s not?
There
is a Human Factor associate to the implementation of Big Data and the Variety
of information that is available. If you want to see the best results it is really
important for you to Process the Data in-house in order for you to see positive
results. If you plug random data you will get random results. You can hire a
consulting firm to help you process the Data, but try to get the managers of
every department involve in this selection part.
Can you give some examples of the uses of
BIG DATA in other industries?
You
can check some example in the follow link: