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big data

History and evolution of ‘Big Data’


big_data_conceptThe concept of “Big Data” exists for several years now, however, most organizations are only now aware of their importance. In the 1950s, when the term “Big Data” referred for the first time, it meant mainly basic analyzes (numbers in a spreadsheet hand-tested), which were used to better understand trends. Data, when are used by business, can draw serious conclusions. These conclusions, take on real value when they help a business to develop. Just like statistics, the only science that predicts the future!

Today

In today’s times, data is gaining even more space, due to the rapid growth of technologies. The way they are collected and processed has become incomparably easier and simpler! This large amount of data can be accessed and processed by large storage and extraction systems. Previously, companies recorded strategies and analyzed them with assumptions and layouts. Now the information are stored in systems and analyzed with smart algorithms. From them, statistics and results are directly extracted through data processing at the touch of a button. Their graphic depiction helps fully understand the data and also make decisions.

The faster processing and imaging and thus agility gives organizations an overwhelming competitive edge that did not have in previous years.

Why is so important the analysis of “Big Data”?

tom_davenport-blackwhiteThe analysis of “Big Data” helps organizations and businesses to use information useful to them. Exploiting the results from processing Big Data leads to more targeted – smart business moves, more efficient processes, higher profits and happier customers. Tom Davenport, a distinguished Professor of Computer Science and Management at Babson College, after interviews with more than 50 companies in order to understand the Big Data, found that they are valuable when are used in the following ways:

Cost reduction
Big Data technologies such as Hadoop and Cloud analytics offer significant cost advantages and can identify more efficient ways of doing business.
Faster and more effective decision-making
The speed of Hadoop's analysis, along with the ability to analyze new data sources, helps businesses to instantly analyze information and make decisions.
New products and services
The ability to study customer needs and easy access to analysis, enhances the power of customer satisfaction to a higher degree. With the help of the analysis of many data, most companies create new products to meet customer needs.

In Greece today:

Big Data‘s analyzes now allow us to do things we never thought of before, as data volumes that were simply huge and thus unlikely to process. For example, we can get information on time time and make decisions about “hidden” opportunities, get accurate answers for difficult problems, and discover new growth opportunities. In Greece today, only a few enterprises are processing and make extensive use of such technologies.

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Businesses now have many more “tools” available than they had before, one of them being Big Data. By properly using the data, we can have information that will give us a competitive advantage!

 

E.L. & A.P.