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Big Data: How are People Using it?
The ability to analyze “big data” or huge data sets efficiently has led many to predict that we are on the verge on being able to make huge breakthroughs in understanding science, society and business. At a recent conference on “Big Data” sponsored by Aster Data, attendees were asked what type of “Big Data” plans they were considering.
Responses ranged across the following areas:
- Investigation of new market opportunities. Attendees were looking for the next “Big Data insight”
- Gain an understanding of behavioral purchasing data.
- Understanding data collected from social media and social networking
- Trying to understand how the data collected could be monetized.
- Fraud reduction and risk profiling. Trying to generate a profile or behavior information that can identify good and bad customers.
So while there is much excitement about what hidden insights might be uncovered by analyzing “Big Data”, everything isn’t rosy just yet. Many of the attendees expressed frustration. While technology is barreling forward rapidly, there still are hurdles to be jumped in order to be successful in analyzing Big Data. Problems that attendees mentioned include:
- 20 percent said that complex processing of large data sets can be extremely slow.
- 30 percent said that being able to scale up their current systems to be able to handle Big Data sets can be complex and difficult.
Sharmila Mulligan, executive vice president at Aster Data, said that the “need for deep analytical processing that when done right, present new opportunities for businesses is also where most stumble.”
