Earlier this year we predicted ‘Big data’ would be one of the technology buzz words for 2013 https://www.totalsystems.co.uk/news/the-year-ahead-in-financial-services.
I was reminded of this prediction by seeing a promotion for the ‘2nd Big Data Congress’ to be held in Olympia, London in June this year, with a theme of ‘The Business Value of Data’. They are predicting 5,000 attendees, over 150 exhibitors with key speakers from such dissimilar companies as AOL, The Co-Operative group, Essex County Council and Penguin books. Data affects all business, so topics such as ‘Best practice strategies to integrate big data into your business’, ‘How to utilise unstructured data in your business’ and ‘Why big data solutions can enhance your ROI and deliver value’ should have universal interest.
This conference has grown out of the challenges that information and records management now pose. Increasingly, solutions simply aren’t keeping up with the changing needs of today’s business environment and companies are looking for innovative approaches to developing architecture. But where to begin?
I feel I should start by sounding a note of caution. Much of the ‘hype’ comes from people with a vested interest; they make their living from each year’s undoubted king of tech trends, and for now it’s ‘Big Data’.
Firstly, huge quantities of data are nothing new. In the investment banking world, high-frequency trading systems have long existed to handle tremendous numbers of transactions at speeds measured in microsecond. Secondly, highlighting of the topic has come from the growth of phenomena such as Google and Facebook. Both are trying to suck up as much information as possible and create accurate profiles on as many people as they can – because for them this means profit – and for this they need special sets of tools. Tools that can be applied to other areas.
For the majority in business, a specialist ‘big data analysis’ approach is not necessarily the key issue. They don’t have ‘big data’, they have ‘lots of the same type of data scattered around’. What is needed is a consistent approach to information and its management. That is why we have designed our software as a common and easily integrated platform that can be deployed across multiple disparate business and product lines allowing uniformity of process for data insight and retrieval.
Accurate insight about the behaviour of your customers, and indeed those who looked and did not buy, is essential for building the right strategy, no argument. We have designed our products so that they can support your objectives.