10 Jun Examining some significant data trends
The data warehouse is something that many organizations are looking to take advantage of. With the growing amount of digital data that is being created, businesses need to harness this infomration if they want to be relevant.
Customers are gaining insights with big data from multiple sources and analysts need to draw conclusions from that information as fast as it is coming through the door. But this is easier said than done.
A recent article from TechRepublic features an in depth interview with BitYota CEO Dev Patel. According to him, for companies to better understand their business, they need to analyze the interactivity with customers at a granular level. The problem is that traditional systems will not allow that at an aggregated level because companies are going to lose some features in the data that you need to get better insights.
"And you need to be able to get better insights from data from multiple sources, and your traditional systems will not allow you to take data from multiple sources to get your insights," Patel said. "Traditional systems don't let you obtain detailed insights on raw data, or very granular data, or get insights from data from multiple sources, where the velocity of the data could be very different from each source. That is something they don't do very well."
Patel goes on to talk about three major trends that are impacting the business database marketplace. These include:
Data speeds/variety – Organizations find themselves dealing with data coming at different speeds as the solution becomes more popular. Because of the digital age, data is being created with every click of the mouse and from every device that is connected to the internet. On top of that, it is being created in real-time.
All of this new data, is also creating a need to combine the new streams with the older, static data sources. This, in and of itself, can become quite the challenge.
Direct access to data – One of the problems with traditional analytic solutions, is that data needs to travel through multiple layers from the time it is collected until it is able to be analyzed. Engineers need to transform or translate the data to make it consumable by an analyst.
The latest trend involves cutting out the middle man and speed up a process that has been slowed down by what is not considered unnecessary formatting and language changes.
Velocity of analytics – Finding the temporal value of data is now becoming more critical. This means that organizations need to figure out a way to not only collect the information that is being gathers at a breakneck speed, but also look for ways analyze just as quickly. Some businesses are looking to acquire hourly reports which would require a company to analyze the data as soon as it comes into the system.
Many organizations are currently looking for ways to optimize their incoming data. One of the best ways to do this is by partnering with an solution provider that can help create the custom database that is designed to work with their a companies specific business needs.