With analysts predicting a worldwide big data technology and services market valued at nearly $50 billion by 2019, it’s imperative to understand big data trends. PHEMI Systems CEO Dr. Paul Terry shares insights gleaned from working with CIOs and IT departments leveraging big data more effectively for analysis, business intelligence, data science, and discovery.
1. Consensus Builds for Big Data Privacy and Governance
As companies collect different data types to run analytics and unlock new discoveries, technology is emerging to meet big data privacy and governance concerns. A recent Forrester report indicated that nearly half of the global security decision-makers they polled were concerned with risks associated with big data analytics for business decision-making. Big data warehouse tools that incorporate sophisticated privacy and governance features to overcome data-sharing challenges enable businesses to fully tap into big data’s benefits with assured privacy, security, and data governance.
2. Data Science Drives Greater Discovery
Big data creates a richer discovery environment for data scientists. Big data and programming frameworks like Apache Spark, are enabling more powerful methods to make inquiries on much larger and more diverse datasets. Data can now be combined from multiple sources, including previously untapped sources, such as emails and text documents, opening the door to test new hypotheses that far exceed the capabilities of a typical data warehouse. For instance, as we move into a new era for big data, this enhanced capability for data scientists will drive real-time insights that will let businesses continuously improve customer experience and retention, and, ultimately, increase their profitability.
3. Emerging Cloud-Based Big Data Solutions
Expect to see continued adoption of cloud-based big data solutions by companies looking for flexibility to meet their specific needs. Big and small businesses are finding the cloud’s scalability, and a cost structure based upon actual usage, to be a cost effective solution that provides the needed resources on demand. Cloud providers have also been quick to embrace security and privacy needs, with many even able to service the healthcare industry’s rigorous privacy HIPAA and HITRUST requirements. Because cloud providers have developed this expertise in dealing with complex data security issues, businesses partnering with them will be able to focus more resources on getting the value out of their data.
4. Big Data Warehouse Solutions Out-of-the-Box
Big data will continue to become less foreboding for companies previously hesitant to pursue a big data strategy. IT departments can overcome uncertainties and skill gaps related to Hadoop by going with a turnkey or “out-of-the-box” solution. Such an enterprise-grade data management system comes with vendor support and ongoing feature updates that allows IT departments to focus more directly on the analytics and data science for achieving profitable insights.
5. New Business Requirements are Changing Data Warehouse Architectures
Innovative enterprises are moving to leverage all of their data, and are demanding data management architectures that deliver analytics-ready data, combining and linking heterogeneous data from production systems, their enterprise data warehouse (EDW), and new sources such as social networks and website logs. Expect companies to move to new architectures, where big data systems thrive alongside the relational systems, ultimately resulting in an end-to-end data management architecture that handles all types of data with robust data integration, quality, security, governance, curation, and performance.
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As CEO of PHEMI Systems, Dr. Terry is a renowned big data expert and a frequent participant on the speaker front, delivering a visionary approach to technology that can help enterprises across industries capitalize on their data and become data-driven innovators. Most recently, he spoke at the Life Science of Manitoba Annual General Meeting where he demonstrated the intrinsic value that can be derived from big data and explored ways companies can capitalize on secondary uses of data, while maintaining the requisite privacy, security and governance of personal information.