The Changing World of Business Enterprises
This is my fourth and final discussion of forces that affect the work of IS analysts.
I’m going to focus on the need for business enterprises and IS analysts to work with Big Data.
We create 2.5 quintillion bytes of data very day! That means that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere! Posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone signals all contribute to big data.
IS analysts must deal with 3 characteristics of Big Data:
- Volume: Enterprises are constantly introduced with ever-growing data of all types.
- Velocity: Sometimes 2 minutes is too late. For time-sensitive processes such as catching fraud, big data must be used as it enters into your enterprise in order to maximize its value.
- Variety: Big data is any type of data – structured and unstructured data such as text, sensor data, audio, video, click streams, log files and more. New insights are found when analyzing these data types together.
Big data is more than a matter of size! It is an opportunity for IS analysts to find insights into new types of data and content, to make business enterprises more agile, and to answer questions that were thought to be impossible.
IS analysts face the challenge of controlling these increasing quantities of data. There might even be a shortage of talent necessary for organisations to take advantage of big data. By 2018, the US alone could face a shortage of 140,000 to 190,000 people with deep analytic skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.
For interesting facts and figures check out this short video 🙂
A few more facts and figures
Google’s Eric Schmidt claims that every two days now we create as much information as we did from the dawn of civilization up until 2003.
48 hours of video are uploaded to YouTube every minute, resulting in nearly 8 years of content every day.
Data collection volume increased by 400% in 2012, from an average of 10 collection events per page
By 2015, 4.4 million IT jobs globally will be created to support big data, generating 1.9 million IT jobs in the United States .
70% of data is created by individuals – but enterprises are responsible for storing and managing 80% of it.
A survey reported that more than 37.5% of large organizations said that analyzing big data is their biggest challenge.
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