Big Data 2017: A Bright Future for Big Business

Big Data  

If you think that 2016 was a big year for Big Data, wait until you learn what tech analysts believe will happen in 2017. As can be expected, the largest enterprise conglomerates stand to benefit the most from Big Data, and the reason for this advantage is that extracting valuable meaning from the colossal amounts of data being produced every second is something that requires considerable investment.

Although small and medium-sized business will also benefit from Big Data, the reality suggests that the ongoing deluge of digital information being collected around the world and in outer space will better serve the needs of Big Business.

With the above in mind, here are some observations about how Big Data will transform the enterprise world in 2017.

Containing the Effects of a Major Data Explosion

Data scientists have been working on methods to measure Big Data for the purpose of giving the public perspective on this matter. To put in terms we can all easily understand, analysts at JP Morgan estimate that the amount of Big Data generated in 2017 will be about 50 percent of all the information collected since historians began keeping records.

Storage is one of the main challenges of the ongoing data explosion. All the information being produced has the potential of influencing future business, but it needs to be collected until data scientists are able to look into it for the purpose of analysis. For big tech firms such as Apple, running out of data storage is never an option, which is why researchers are working on energy-efficient solutions. Thus far, the Big Data storage propositions tend to be expensive; this is a market that is expected to reach a value of $61 billion by 2026, and it is clear that Big Business cash will be required to keep it afloat.

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Catching Up to Big Data

In 2017, large corporations will finally be able to truly gain real-time insight from Big Data. Until now, the business analytics operations conducted on large data sets were not sophisticated enough to be considered real-time observations.

Availability of large data sets will no longer be a challenge in 2017, and this is directly related to the emerging storage and transmission technologies. Data management and processing will be increasingly transferred to central platforms for the benefit of various stakeholders. In other words, very large data sets will be available in a fashion similar to customer relationship management programs.

The Big Data Corporate Culture

The average worker is not aware of Big Data, but this is something that is expected to start changing in 2017. Big Data awareness is something that the world of Big Business will invest in from now until the end of the decade, or at least until it becomes a business standard.

Big Data should be viewed as the most important business tool in certain industries. For example, an email marketing agency will certainly benefit from a deep analysis of the reactions to every message sent in every campaign, but this analysis should be shared with all the employees who were involved in the campaigns. Each worker at the agency can be given access to a data dashboard or to infographics that explain how people react to certain marketing messages.

Creating the right business culture around Big Data will start out slowly, but it has lots of potential. For example, a digital marketing agency can use Big Data metrics to incorporate elements of gamification in the daily workflow. Gamification is primarily based on metrics, and it is an excellent method to increase productivity and improve morale by making the workplace more entertaining.
For the time being, Big Data will remain firmly within the realm of Big Business. It may take a few years until most of the benefits of Big Data trickle down to the small business community, but it will be worth the wait.

By  Kevin Faber	Embed
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.