Advanced data analytics is set to drive the way we navigate this world of digital transformation. The Big Data explosion is comparable to the Cambrian Explosion, which resulted in the creation of all life on earth. Hal Varian, Chief Economist at Google in Think Quarterly pointed out that ‘between the dawn of civilisation and 2003, we only created five exabytes; now we’re creating that amount every two days. By 2020, that figure is predicted to sit at 53 zettabytes (53 trillion gigabytes) – an increase of 50 times.’ We have interviewed three experts on data analytics for yourBusinessChannel.
The democratisation of big data analytics
Paul Hofmann, formerly VP Research of SAP Labs, explains in this video that we are moving into a new era of big data, as part of the digital transformation. Hofmann considers the development of new analytics tools to cope with the huge explosion of data being created as the “consumerisation” of data analytics, statistics, and artificial intelligence. Hoffman is sure this will lead to creating more value from the data being generated.
Data analytics key to understanding increasingly complex world
Dr. Manuel Aparicio, CEO of Saffron Technology, asks will we ever keep up with the the growing demands on the human mind? We could, if the amount of data being created didn’t keep on increasing. We face challenges when it comes to collecting, processing it and using data. Intelligent analytical systems need to provide greater, smarter, faster support to the human mind. Without more support from data analytics our human brains will fail to keep pace with an ever more complex world.
Big data analytics the only answer to the question of unstructured data
Keith Holdt is an Investment Director at Lloyds Development Capital, and one of those at the forefront of the digitalisation of business processes. According to Holdt, unstructured data is the final frontier of this revolution in data. In order to gain a true competitive advantage companies need to bring the eighty percent of data which is external to their own systems into the mix. He believes that advanced data analytics tools, like those developed by Saffron Technology, will make this possible for companies.
The big challenge of big data
The Big Data Analytics 2012 conference was recently held in London for enterprise sector senior executives, and sponsored by the major tech & software firms. The extent of the opportunity data analytics represents is huge. It is potentially worth 250 billion euros and will need 1.5 million data savvy managers to cope with the 40% growth rates in data world-wide.