Big Data to Influence Businesses in a Big Way in 2014
FREMONT, CA: If anything that is going to take the business world by storm, it is the Big Data. As companies get their strategy in line with Big Data, specialized tools and skills are developed to handle business, reports Natasha Baker from CenturyLink.
Big Data that holds mountains of unstructured data will be a key differentiator in the success of the businesses in 2014. As tools are developed to leverage Big Data, insights derived from the Big Data analytics could reap benefits in an unprecedented manner to an organization and the Big Data concept is expected to influence every business sector.
Information is wealth and companies have just realized that. According to a survey done by TCS, various business sectors don’t just spend on big data, they sell their big data as well. Companies in certain industries like telecom and utilities in particular, are far more likely to sell digital data externally. According to the survey, half of the telecom companies sell their big data.
A non-technical person having trouble in deriving insights from data can be rescued by visualization tools such as Tableau and SAS Visual Analytics. These tools not only present data insights with the extreme detail, but also to the proper segments like sales forces or customers.
Companies are expected to implement machine learning technologies using their own customized algorithms, such as predictive and prescriptive models.