Recent research: Data Management in Transition: Where Are We Heading With Big and Fast Data?
Data Management in Transition: Where Are We Heading With Big and Fast Data?
A confluence of factors has converged to create one of the most important trends in data management – the emergence of Big and Fast Data. These factors include advances in computing technology, the decrease in computer memory prices, the maturation of the Internet, more advanced analytical tools, virtualization, and the cloud. At the same time, business requires immense quantities of data to optimize customer outcomes. This data is being created across all customer channels, including the web, mobile devices, and through in person interactions with customers.
Big and Fast Data is the ability to manage a huge volume of disparate data, at the right velocity within the right timeframe to allow real-time analysis. This data must be able to be verified based on both accuracy and business context. An innovative business may want to be able to analyze massive amounts of data in real time in order to quickly assess the value of that customer and the potential to provide additional offers to that customer. Therefore, it is necessary to have the right amount of data that can be analyzed in real time to impact business outcomes. Big and Fast Data incorporates all the varieties of data including structured databases, unstructured data from email, social media, text streams, and the like. This kind of data management requires that companies can leverage both their structured and unstructured data.
To use Big and Fast Data for competitive advantage, companies must employ both new data infrastructure technology and new analytic tools that can tame this data. In this paper, we will look at what technical and market forces are driving companies to transform the way they manage and analyze data.