Big data is a fast emerging concept that totally transformed the business – the way it runs in almost all industry and sector. Now it has been covered a big area of business. The main part of big data is to store the vast amount of data and analyse them to get some valuable information.
Data monetization means to get some beneficial information from that huge amount of data to generate profit for your organisation. According to an Economist Intelligence Unit survey those firms who used big data analysis result for decision making got 5-6% of improvement in their performance and other 41% company expect improvement in their business within next 3 years due to big data. These data are enough to prove that big data can be monetized.
Now, let us discuss some recent trends in big data.
Cloud computing – These days, cloud computing is one of the hottest trends in big data field. For storing big data, we need a large storage capacity. We need at least some TB of space. Cloud computing allow you to store the data in service provider’s server. It is of flexible size i.e. if the amount of data increase then its space can also increase according to that by allotting more space. Amazon Web Services is an example of cloud computing.
Hadoop – Big data means Hadoop? Hadoop is a framework on which big data processing occurred. It consists two core parts in it i.e. HDFS and Map Reduce. HDFS is storage part, used to store data and Map Reduce is processing part.
Security – Bank fraudulent reports show that – lost opportunity is multi-billion dollars every year and we could minimize it leveraging big data. Big data analytics fills the security void. It helps to find the security gap by analysing the patterns. Big data is frequently used in fraud detection.
More predictive analysis– Big data helps companies in decision making. As we saw earlier that with the help of big data analysis companies got 5-6% of improvement in their performance. With the use of big data, companies are able to serve their customers better and increase their revenue.
Apache Spark– It is a new technology in big data that works 100 times faster than Hadoop. It saves both, your time and your money. Effectively, companies moving to Spark technology to resolve big data problems.
IoT– At present Internet of Things like- sensors, smart machines, connected devices, etc. is capable to generate a huge amount of real- time data that helps companies to find the proper and basic information about their customers. This information helps them to make customized strategy.
According to a prediction by Gartner “By 2020, information will be used to digitalize or eliminate 80% of business processes and products from a decade earlier and by 2017, more than 30% of enterprise access to broadly based big data will be via data broker services, serving context to business decisions.
Another prediction by Gartner states that by 2017, more than 20% of customer-facing analytic organisation will provide product tracking information leveraging the IoT.
These are the recent trends in big data through which big data can be monetized. Monetizing big data is the best way to increase the revenue or EBITA.