Big Data has been around since the beginning of the Information Technology revolution. However, its growth and implications are rapidly growing with time. Big Data Technologies is changing the very nature of business by providing decision-makers with real-time information relevant to their specific business requirements. Big Data offers business managers and executives intuitive insight into the internal processes and activities of their organization. By taking full advantage of the inherent capabilities and resources of today’s information technology, big data analytics can provide business managers with important insights into how their company is performing against competitors, market trends, consumer preferences, and more.
Big Data has been defined as a powerful indicator for the collection of complex data, growing exponentially in both sizes and exponentially with time. The term “Big Data” actually refers to the junction of computing hardware and software which allows for extremely rapid collection, processing, and analysis of large amounts of information. Big Data Technologies is designed to enable decision-makers to process, manage and visualize big data through an optimized user interface.
One example of one of the many emerging technologies is big data technologies that provide insight into the operational activities of a company by collecting, organizing, and analyzing massive amounts of information. Examples include text, image, video and audio data, and other rich media formats. Examples of these technologies include spark analysis, neural networks, and complex algorithms. The goal of these technologies is to provide users with quick access to high-quality and valuable information. In addition, big data technologies allow users to leverage their existing network, storage, and processing resources, resulting in noticeable improvements in efficiency and user experience.
As more organizations are embracing big data technologies, a number of new vendors are developing specialized tools for analytics. There are currently several popular open-source frameworks that have been developed specifically for analytics. Most of these tools use data visualization tools to present the data in an easy-to-navigate manner. For example, visualization tools such as dashboards and inflection charts allow users to interact with large-scale data sets interactively. These tools also make it easy to discover and compare data sets from diverse sources. In addition, many of these technologies are being adapted for use as web services or APIs.
In order for enterprises to reap the benefits of big data technologies, they must invest in the development and implementation of business analytics systems. This will ensure that these technologies are utilized in conjunction with existing business intelligence (BI) solutions. Such solutions are typically complex application programs and can greatly reduce the effort required to achieve business intelligence goals. Moreover, these solutions are scalable and flexible. This enables enterprises to easily incorporate big data technologies into their business models.
The combination of big data technologies and prescriptive analytics offers organizations the ability to exploit the full potential of this powerful technology. Enterprises need to invest in the development of robust and scalable predictive analytics systems in order to derive maximum value from big data technologies. Enterprises must also implement business intelligence solutions as part of their overall strategy. In addition, businesses must make efforts to align the data processing and analytics tools with their ERP applications. This will help them derive maximum benefit from their ERP system.