Is Big Data a Disruptive Innovation? An Insight
Well, before analysing whether big data is a disruptive innovation, let’s understand what big data is. Big data means extremely huge data sets. These data sets can be assessed to bring about patterns and trends.
Big data are basically huge sets of data that are so big and complete that it is difficult to process with the help of traditional data processing software. But now the term is gaining more momentum and comprises our ability to gather and evaluate huge volumes of data.
The 3 Vs of Big Data
Though there are several Vs of big data, most of the people from tech industry follows Gartner’s 3Vs model for defining Big Data. Here we consider data that is high in:
The volume of data companies handle can advance from megabytes to terabytes and even petabytes. With regard to velocity, data has evolved from being handled in batches and being processed in real time frequently. With regard to the variety of data it has evolved from simple tables and databases to web, photo, mobile and social data.
These are quite easy when compared to unstructured data, which is the greatest challenge.
Big Data and Disruptive Innovation
Technology has been making waves for a long time. It evolves and updates itself by paving way to newer technologies every time. Technology also brings forth changes in the market. There was a great revolution created with the innovation of new technologies including Hadoop and NoSQL.
Well, for the uninitiated disruptive innovation would be a confusing term. However, the point to remember that disruptive is generally used in a positive note in the business sense. Big data has gained enough attention for the past few years.
We are witnessing routine happenings in the market. When these routine happenings are broken and a totally fresh atmosphere is created then that innovation is termed as a disruptive innovation. Big data is one such ground-breaking innovation.
The emergence of big data made people to use newer tools and technologies. People have been learning new skills to keep themselves updated with the market trends. Generally people don’t like to come out of their comfort zone and hesitate to take up change. Big data has brought about several changes in the market and can only be perceived as a good change.
Well Now you would be Questioning: How does this mess of information change the world for better? In fact, if used properly, data can and is doing the same. In fact, The domain of data analysis and data mining are gaining prominence and the requirement for data specialists is seeing a rise.
Moving to a Data-Centric World
Data has become an excellent strategic asset due to its ability to link people, let ways to measure and manage, make out deeper insights for efficiencies, pave way to new discoveries etc. We are moving forward to a shift to a data-centric world. Big data is making it possible it through storage, compute and network.
The key lies in making sense of the data you possess, to evaluate it and share better business prospects in the future. The key is also in how you are going to analyse the data with analytics.
If analysed correctly data can assist in finding information that is efficient enough in initiating a change in the patterns of how business is now functioning.
How Big Data is Changing the World?
Big data is now playing an important role in assisting companies to
- Enhance their bottom lines
- Benefit from agility
- and identify meaningful innovations.
Companies consist of huge sets of data now. Due to big data companies can make product development costs more effective, enhance product quality and decrease overall costs.
Big data is not just having impact on the technological aspect. It is having a great impact on the world. This includes smart cities, enhancement in patient care, fraud reduction, etc.
Various people come with different opinions. Big data is disruptive in the sense that it has brought about a positive change. There are innumerable pieces gathered and stored everyday. If used properly, big data can efficiently manage an exhaustive range of phenomena ranging from health and financial records to handling world hunger and poverty.