When folks refer to “Big Data” these days, what is everyone really talking about? For several years now, Big Data has been THE buzzword used in conjunction with just about every technology issue imaginable. The reality, however, is that Big Data isn’t an abstract concept. Whether you like it or not, you’re already inundated with Big Data. How you source it, what insights you derive from it, and how quickly you act on it will play a major role in determining the course—and success—of your company. Let’s talk specifics…
Handling the increased volume, variety and velocity (the “3V/s”) of data requires a fundamental shift in the makeup of the platform required to capture, store, and analyze the data. A platform that’s capable of handling and capitalizing on Big Data successfully requires a mix of structured data-handling relational databases, unstructured data-handling NoSQL databases, caching solutions, and map reducing Hadoop-style tools.
As the need for new technologies to handle the “3V/s” of Big Data has grown, open source solutions have become the catalysts for innovation, generating a steady launch of new, relevant products to tackle Big Data challenges. Thanks to the skyrocketing pace of innovation in specialized databases and applications, businesses can now choose from a variety of proprietary and open source solutions, depending on the database type and their specific database requirements.
Given the wide variety of new and complex solutions, however, it’s no surprise that a recent survey of IT professionals showed that more than 55% of Big Data projects fail to achieve their goals. The most significant challenge cited was a lack of understanding of and the ability to pilot the range of technologies on the market. This challenge systematically pushes companies toward a limited set of proprietary platforms that often reduce the choice down to a single technology. Perpetuating the tendency to seek one cure-all technology solution is no longer a realistic strategy. No single technology such as a database can solve every problem, especially when it comes to Big Data. Even if such a unique solution could serve multiple needs, successful companies are always trialing new solutions in the quest to perpetually innovate and thereby achieve (or maintain) a competitive edge.
Open Data Services and Big Data go hand-in-hand