You’ve no doubt heard the term Big Data. It’s the next big thing according to IT (Information Technology) industry. But just what is Big Data analytics and how can the Manufacturing industry benefit?
So What is Big Data?
Big data refers to the enormous amount of data generated on daily basis by individuals and firms through phones, internet, websites, intranet sites, social media and business transactions.
According to IBM, 2.5 quintillion bytes (a quintillion has 18 zeros!) of data are generated daily and will increase 4300% by the year 2020.
The Big Deal with Big Data
Social, Mobile, Cloud and Big Data all play a role in this emerging era of engagement. In its simplest form, Big Data’s role is to better inform operations, drive more intelligence into our automated processes, inform interactions through context awareness, and optimize our outcomes.
Big Data will enable the inclusion of a broader base of data (both structured and unstructured), delivering more insight to decision processes and more intelligence to drive automation.
Downsides in Big Data
While the buzz on Big Data has been around for several years, the implementation is still in it’s nascent stage. Skilled manpower to convert the raw data into information is a challenge. In fact, they are short in supply.
According to a recent report by McKinsey global Institute, the US alone will face shortage of almost 200,000 data analysts by 2018 to synthesis the data into information relevant for decision-making.
The amount of data being generated is exceeding the supply of talent required to analyze the same. This gap between demand and supply will only widen in next few years.
Of course, there is a more sinister side of Big Data, and that’s the use of personal information. Once the data has been collected, it’s impossible for someone to control how that information is used and by whom.
What This Means for Manufacturing
Companies’ worldwide are adopting Big Data to make better business decisions. Analytics or processing raw data into information can help manufacturers explore hidden patterns and trends that will address needs of the marketplace, help preserve the environment and add value to their business.
Infographic courtesy of BBVAtech. Can Big Data Help Manufacturing? was co-authored by Retvic Bisaria under a Creative Commons Attribution 3.0 Unported License. Retvic is a finance professional working for an US based IT company.
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