Just how big is big data? Huge, and growing bigger every minute. According to our “Harnessing the Power of Enterprise Big Data” report with Oracle, this year global networks are expected to deliver 14 petabytes every five minutes.* The amount of data handled by mission-critical applications is doubling every 18 months.
What Is Driving the Growth of Big Data?
The tsunami of big data is being driven ashore by many powerful forces.
Through the Internet of Things, billions of devices embedded with smart technology are generating massive amounts of data. Machines in factories talk to each other, health monitoring devices send critical information to providers, vehicles are tracked with transponders, and consumer buying behavior is gathered by electronic wallets on smartphones.
Social media is generating vast quantities of data about people and their behaviors and perceptions. So many website interactions are being captured and saved in CRM systems that system operators don’t have time to analyze and use the data to grow business.
Data tends to make more data. When data is captured, algorithms process the data, and the amount of data generated grows even faster.
The Growth Rate of Data Leads to Fragmented Data Storage
At a time when much more data is available to help guide business decisions, analyzing that data to gain meaningful insights is becoming increasingly difficult. That’s why enterprise IT teams are rushing to expand their infrastructure to handle new data requirements, but sometimes there’s not a clear systems architecture guiding the adoption of new platforms. The result is data in silos, with incompatible data models, accessed through multiple user interfaces. Data is being stored in discrete databases, data warehouses, cloud storage, corporate servers, and personal devices.
What’s more, fragmented data storage makes it harder for companies to comply with policies and legal regulations regarding document retention and electronic evidence discovery.
Data Capital Adds Value to the Enterprise
While the explosive growth rate of data is causing headaches for enterprise IT departments, it is also creating potential business opportunities. Data about customers, suppliers, and partners can be used to create new products and services that accurately target consumer behaviors and needs. In this sense, data becomes capital that adds value.
The cost of acquiring and storing data is relatively low compared to the potential incremental revenue derived from data-driven product innovation and decision-making. Even if your business has not yet determined how to effectively analyze big data, it will pay to begin storing it now so its value can be harnessed over the near term and long term.
What opportunities can big data unlock for your enterprise?
Improve the customer experience. By analyzing customer purchase patterns, behavior, and social media chatter, finely tuned marketing campaigns can target the right products, services, and support to customer when they need it.
Improve operational efficiency. Predictive models do a better job of estimating inventory needs, supply chain requirements, and human resource requirements.
Inspire innovation. Innovation driven by big data collection and analysis helps enterprises launch new business models and expand reach to new customers and markets.
How to Store and Analyze Big Data? Oracle Big Data Appliance, Oracle Big Data Cloud Service, and Oracle Big Data Cloud Machine
The three business benefits listed above can be realized with a system and architecture that’s purposely built to help you do just that. Oracle Big Data Appliance is built to simplify access to data, both on premises and in the Oracle Cloud as Oracle Big Data Cloud Service, with a comprehensive big data toolset. The new Oracle Big Data Cloud Machine lets you move your managed subscription-based cloud service on premises for a “best of both worlds” option. Oracle Big Data Discovery is a powerful, built-in solution that gives nontechnical staff the ability to capture insight through a business-friendly visual interface.
Oracle Big Data Appliance, Oracle Big Data Cloud Service, and Oracle Big Data Cloud Machine are secure platforms for running diverse workloads on Hadoop. Combining pre-integrated, optimized, and tuned hardware and software, these platforms help deliver comprehensive and secure big data capabilities at a low overall cost of ownership. This means you can unlock the potential of your own data without having to add bulky, complex systems.
How CaixaBank Leveraged Big Data—and Won
CaixaBank is a leading Spanish retail bank and insurer with more than 13.8 million customers and 5,300 branches. Centering on delivering customer service through innovation and technology, CaixaBank has 4.2 million active internet banking users and 2.6 million mobile bank clients. Watch this video to see how they leveraged Big Data to improve messaging in real time and reach customers more effectively, better informing them of new products and services to boost sales.
To learn more about the opportunities within your data—and how to take advantage of them—read “Harnessing the Power of Enterprise Big Data.”
* Petabyte equals the volume of data in all of the academic libraries in U.S. machines, applications and/or individuals by 2017.