How big data is leading to big opportunities?
Big data refers to datasets at extremely high volumes. In the age of information, with every virtual transaction, click and movement information is gathered and moved. For organizations to stay industry relevant and competitive organizations gather this information. Around products, consumers, competitors and market data and streamline down to create business intelligence imperative to better decision making.
In 2018, the world created, captured, copied and consumed the equivalent of 33 trillion gigabytes. In 2020 this figure grew to 59 trillion gigabytes. It is predicted that by 2025, this figure will reach 175 trillion gigabytes. Big data has successfully entrenched almost every major element of modern living. And is only gaining momentum. In our current data centric world, it is now necessary to upskill and understand how to become a data-driven decision maker.
How Big Data Is Creating Employment
While in high demand, professionals who understand big data are still a minority. The United States alone was facing a shortage of almost 200,000 big data professionals in 2018. As big data management is useful across all industries, companies can harness this information to enhance. Both internal and external effectiveness, marketing capabilities and product development.
Career opportunities for big data professionals are virtually boundless. Professionals with big data experience are propel the technology revolution with salaries reflecting the value of their expertise. Glassdoor reports the average data scientist earns an average annual salary of USD $118,709. While computer programmers are earning less than half the amount.
Big Data Application In Key Industries
Especially in rapidly evolving industries, big data offers an opportunity for complete transformation. Manufacturing, for example, with the use of big data and analytics offers better real time decision making. around asset usage and operation scheduling. The data created through operation of thousands of machines and parts, including minor pieces like valves moving to bigger components. Like monitors, can be equipped with sensors and wireless capabilities creating. An IoT network for a realistic understanding of internal operations.
In a similar method, big data helps chemical, oil and gas manufacturers introduce optimization to production levels. Waste generation, improved accuracy and the management of energy consumption. As data is generated from multiple sources, data driven industrial development has allowed businesses. to optimize their supply chain operations creating a stronger understanding of supply chain operations while lowering overall cost and resource expenditure.
Oil and gas operations consistently churn out large amounts of information from their upstream, midstream and downstream processes. This information needs to be processed with haste in order to reveal mission critical insights that prevent equipment malfunctioning and improve operational efficiency. This happens through the integration of IoT offshore equipment that can be used to track employees, monitor equipment lifespans and elements that affect the same including wave heights, humidity and weather change.
Video surveillance is also seeing development fueled by big data management. Large scale manufacturers, for example, need to keep an eye out of large spaces. And require deployment of a more intricate video surveillance camera system. Big data analytics can be used to decode live streams of video footage while offering a real time alert system. Helpful for operational insights and maintenance.
How Big Data is Critical for Successful Businesses
- Big data management helps organizations handle large data sets, containers and microservices while solving integration challenges. Organizations like Tesla and Uber that are constantly innovating benefit from IT resources. Focusing on problem solving, configuration, maintenance and management of large volume data sources.
- Big data management creates a centralized location to access multiple data subsets and helps with the categorization process. This allows for easier data analysis translating down to better business decision making.
- Insights are no longer only for large organizations with large resources pools. big data management has made insights and analytics accessible to anyone with access to the internet. This allows businesses of any size to prosper.
Big data management has truly become a non-negotiable part of successful business management. While large scale organizations are able to introduce inhouse teams to both mine and derive business intelligence from these large information pools, it is common to find data analytics companies to outsource data analytics services. This minimizes investment costs while maximizing results.