Companies Less Worried about Big Data's "V's," Want More Insight
The Big Data phenomenon has been an interesting ride for most organizations, as the utilization of new forms of information has allowed decision-makers to acquire more insight into their surroundings. This visibility and awareness have given companies of all sizes new abilities in terms of converting meaningless data into valuable information in real time to augment customer experiences and deliver more substantial results.
In a recent TechTarget interview, Jesse Davis, senior director for Progress Software Corp.'s DataDirect research and development, highlighted several trends taking shape in the Big Data landscape. Most notably, Davis asserted that the initial concerns about Big Data's three V's -- volume, velocity, and variety -- have been solved or at least mitigated to some degree.
"We've moved from the volume, velocity, variety problem. We've kind of solved those things," Davis told TechTarget. "We are moving more towards inquiry and insight and innovation, where you can actually get interesting bits of information out of your data sets through data scientists."
At the same time, the nature of the Big Data landscape is changing, which will drive significant transformations in the business world as a whole.
A new Big Data world
Davis highlighted how when Big Data was just emerging, it was a relatively niche market filled with smaller organizations that specialized in producing management, analytics, and other solutions needed to embrace the Big Data trend. Today, major enterprises are beginning to take notice and develop their own lines of tools in an attempt to acquire a piece of the growing market before the landscape falls to the next major trend: consolidation.
In the future, Davis believes many Big Data companies will merge, which will produce the "winners" of the industry, of which there are currently none. A Forbes report highlighted similar expectations, noting that the commoditization of Big Data solutions will encourage decision-makers to rethink their business models and how they incorporate next-generation technology into everyday operations.
Executives now have the option to assess whatever types of information they choose, which can give them unique insight into specific -- or broad -- areas of their organizations. This perspective will inevitably change the business world as a whole, allowing decision-makers to pursue different objectives, attaining unique competitive advantages and branching out into new markets. As companies become more familiar with Big Data and its prospective advantages, they will begin to see that taking the road less traveled by will often make all the difference.
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