There was recently a conference held in San Francisco which featured many industry leaders, notably Facebook, Google, Citibank, EBay, and many more. This Big Data Innovation Summit gathered some of the greatest minds in the world and also brought what this article calls “Big Data Newbies” to the conference who are looking for better jobs and performance. Also, statisticians are intrigued by the big name companies and believed that this was where they could find the truth about business and Big data, but they discovered it to only be hype. From this summit, there are two surprises that shocked many in attendance…
Here is a video of a Ted Talk about Big Data that can give you a background on the subject: http://www.youtube.com/watch?v=HSVQ5RDBEJs
Big Data isn’t about “Big”
Research VP Frank Buytendijk explained that the term Big Data may be misleading, and the whole idea of Big may not be very relevant. Data changes so rapidly that something that is big one day can very easily be normal the next day. This opens up the spectrum for big data and can allow for more companies to become categorized as Big Data when they reach their potential. Data is measured in Petabytes and many newcomers to this area think that in order to find those companies that have Big Data, they simply must look of Petabytes per day and see which companies are over 100 terabytes (The IDC‘s definition of Big Data). It is important to realize that Big Data is very subjective to time and place. The Boston Marathon tragedy was only 10 terabytes to put this into perspective. Small Data is still very important and can go a long way.
It’s Not about the 3 Vs after all
The 3 V’s of Big Data are Volume, Variety, and Velocity. Because of this common belief in the three V’s, there has been a huge emphasis on storage technologies. Because of this, storage is doing well in the evolution of technologies that support Big Data. Unfortunately, though, this is causing a lack of evolving in the analytics field, since it has taken the back seat to storage in Big Data. Surely, it is amazing looking at the Revolution of storage technology dating back to the 1980’s. In 1980, IBM created the first disk drive in the world that could hold a gigabyte.
The IMB 3380 (Seen Above) weighed 550 pounds and cost $113,000. In 1980, it would cost $14 Million to buy a 1 Terabyte disk drive, but today what is it? Thirty Dollars. Amazing. But we need analysis to make the same change if we want to continue to get better data in the future.
This full article, written by Bruno Aziza can be found Here.
If you would like to learn more about why we need to create an analytics revolution, read Gartner’s “Magic Quadrant for Business Intelligence and Analtics Platform.” Here you will see proof that most data analysis leaders did not submit data above 10 Terabytes. So why is “Big Data” that important?