Information is Wealth
Date: Monday , October 01, 2012
Recently, I happened to meet a guy who does nothing for his daily living, but lives happily having daily meal three times a day. How? He knows the sacred places in the city where the free meals are offered. This relates me to the fact that "Information is Wealth". Today, Venture capitalists are realizing this fact and are betting high on Big Data.
Today "Big Data" is a part of every sector which can be captured, communicated, aggregated, stored, and analyzed. A recent study states that the market for big data tools will rise from last year's $9 billion to $86 billion in 2020, when spending on big data tools will account for some 11 percent of all enterprise IT spending. Hence this has become a very serious issue that the business leaders and policy makers need to tackle the economic possibilities of big data.
Social media sites, smart phones, and other consumer devices including PCs and laptops, and growing trend of Cloud Computing and Mobile computing have allowed billions of individuals around the world to contribute to the amount of big data available. This has cautioned most of the players in the industry to monetize these resources in every means. Large corporations like SAP and IBM draw a lionís share of the attention surrounding "Big Data" and analytics platforms. But thanks to the resource-magnifying abilities of cloud and a variety of open-source tools, more startups are emerging with products designed to chop, sort, and analyze massive amounts of information.
Today, what we lack is the talent that can handle the massive information today. McKinsey states that the U.S alone faces a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts to analyze big data and make decisions based on their findings. Big Data being at an inflection point, having a core set of deep analytical talent is not enough to transform an organization, especially if the key business leaders and analysts do not know how to take advantage of this big data capability. All of the business leaders in an organization need to have deep understanding of analytical techniques in order to make maximum use of it, which will help them to deliver maximum value to their customers.
Please do let us know what you think.
Christo Jacob Managing Editor