Unleashing the Power of Big Data

By CIOReview | Friday, June 1, 2018

As there is a drastic growth in technology, every industry is inundated with a large amount of data and this is predicted to double every two years until 2020. Despite having proficient data analytic experts who know how to assess, manipulate and analyze large datasets, the majority of the organizations still struggle to make good use of data. The need of the hour is to look for ways to work with big data and to drive significant innovation in any workplace.

The Demand for Big Data analytics is High

In the near future, the magnitude of the analytics market will grow from the current one-tenth to at least one-third of the global IT market. Organizations that are quick enough to adopt the technology will gain the most experience in an ever-growing field. Majority of the businesses use big data analytics to identify potential customers, create new experiences, and develop innovative products and services.

Investing in Big Data Solutions

According to IDG Enterprise Big Data Research, the majority of the enterprises are investing nearly $8M on big data-related initiatives.

Big data solutions are used by almost every company, regardless of their size, from IT to healthcare to become more efficient and productive. Big data is ubiquitous and has numerous applications ranging from protecting the environment by analyzing toxic emissions to treatments for patients, and building self-driving cars or helping companies run more smoothly. For instance, big data plays a significant role in the healthcare environment to provide better patient care and improve patient satisfaction. Healthcare organizations have been able to perform a better analysis of clinical trials and help predict outcomes. The big data tools also gather data from the sensors embedded in medical equipment. This helps the healthcare institutions determine how products are leveraged in real-time while allowing them to take relevant actions during emergency situations.