Is all the Big Data hype justified? In a word, yes.
How did we get here? Our database systems of yesteryear were not designed to store, process and analyze the massive amount of data being generated by today’s devices and applications. The pace at which we are adding data and connected devices like mobile phones, tablets, smart TVs, connected vehicles, and any device or machine that connects home via the internet is growing at an unprecedented pace. Companies like Google set the tone with their commitment to store anything that’s digitized and building data products and services based on the relationships and search patterns of where users meet the data. Enter the Big Data Era. We are witnessing the realization of Sun’s tagline “The Network is the Computer” except that it’s more accurate to say “The Network is the Data”. Business leaders are investing in new ways to capture more information than they ever thought of before but with one major strategy funded in parallel – building a team of data scientists that can live in the data along with unprecedented processing power to build analytics that create measurable value for their organizations.
But what’s different? We’ve had big data for years now. What’s different is the ability to use new forms of data, new data storage techniques, new data processing techniques and new data analytics techniques to conduct hundreds of business experiments in the same time that our legacy processes and systems would allow one project in the past. The pace at which the data is expanding and changing and the opportunity to create new data partnerships cannot be harnessed with brittle systems not built or designed for this new world. Business change in our old world is costly, time consuming and extremely difficult. What if, as a business leader, you could create an organization that resulted in a 400% increase in the amount of new projects that get to production? What is this pace of innovation worth to you, to your career, to your teams, to your company, to your customers, to your shareholders. We are working with companies to execute fast paced test and learn approaches with their data science teams that allow them to continually come up with new ideas and roll them into action to see what outcomes they drive. If negative outcomes they modify, if positive outcomes they try and understand why and what events led up to the positive outcome and then try to predict and repeat that pattern more often.
We started Think Big in 2010 at a time when most people, even in Silicon Valley didn’t quite know what Big Data or Big Data analytics were. Our team predicted the demand that was building and the market momentum of opensource software innovation, low cost cloud services and connected device explosion and we choose to build a services company 100% focused on building big data analytics applications side by side with our clients. Our clients want to use more data to improve their business outcomes. After working with some of the most innovative and respected companies in their industries, we see three primary Big Data application areas emerge:
- Device Data Analytics
- Customer Recommendations
- Analytics Laboratory
More to come on each of these Big Data application areas in my future blogs.
One Big Data pattern that we can predict with 100% accuracy is that like all technology advances of our past, from the printing press, to computers, to the internet, to smart phones, to the cloud, to tablets and now all together Big Data it will create demand for entrepreneurial minded humans to innovate and create new things, new products, new services, new companies and new jobs. We’re hiring!