Big Data versus lots of data

In Data & Analytics by Freya Smale

big data, business model, analytics

How does big data differ from having “lots of data”? Is a new phenomenon? What impact is this difference having on business? Tell us your views below!

Mr Martin Willcox, Director of Product & Solutions Marketing, EMEA, Teradata Corporation, joined us at Big Data World today to share his opinion.

Core assumption made about big data: been too overhyped as the next big thing. New technologies add value, but cannot provide a blanket solution to all problems.

Is the big data phenomenon real?

The technology has existed for years, so it is simply vendor hype? Appears to be a mixture of both. Growth is data has be increasingly steadily, but with a sudden period of exponential growth, big data has become an exciting area of interest.

Big data is multi-structured and it s important to adapt to be able to use this opportunity to use this data, for example, to move from transaction to interaction. The challenge is exploiting useful information from this data.

“We are used to the idea of deploying new technology to improve productivity and efficiency…But data are no longer merely the by-product of process improvement, they are becoming the raw material of business.” Data can be collected for analysis. This analysis can help you to understand your consumer and improve your product for their needs. It is worth noting that new technologies, for example, MapReduce, the first generalised parallel programming model for complex procedural logic, now allows to analyse previously collected data. We can now see and analyse this data in new ways. This is enabling new analytics.

Remember: all new technologies have good points and sweet spots, but there is not one technology to fix all problems! It is also not one big data market!