Big Data for Today’s Business

Businesses today are faced with many challenges, including how to handle the data that finds its way into every company. At first glance, data could be construed as merely emails, Tweets, financial records and photographs. Industry trends the volume of data is constantly on the increase: every day, some 2.5 quintillion bytes of data are created, with 90 percent created in the past two years alone. In many instances, businesses are actually amassing petabytes of information.
For Oracle enterprises, their data volume is growing some 40 percent a year and was expected to increase 44 times between 2009 and 2020. For instance, in an Oracle report, 11 percent of respondents have data stores within their enterprises that exceed the one petabyte (PB) mark. Another 42 percent are handling data in the hundreds of terabytes (TB) range.

Forms of Big Data

Companies have been making business decisions based on transactional data stored in relational databases for decades. Beyond that critical data, however, big data is an extensive collection of weblogs, social media, large-scale e-commerce, financial information, purchase transaction records, cell phone GPS signal, emails, Internet text and documents, call detail records, medical records, financial records, videos, smart meters, equipment logs, digital photographs, machine-generated data, ERP and CRM data that can be mined for useful information.

Big Data Uses

Businesses are using big data to increase their innovation and operational efficiency, and retain customers.

Oracle says that all data can be used daily for a variety of purposes. For example, a company can take many terabytes of daily Tweets to convert into product sentiment analyses. In another instance, an energy company was able to convert billions of yearly meter readings in order to predict its customers’ power consumption.

Big data needs to be time-sensitive. In an age where fraud is on the increase, minutes can be the difference between detecting fraud or experiencing damage to a business’ finances and reputation. Big data can be leveraged to analyze millions of transactions created each day to identify potential fraud. For enterprises that keep call records, millions of daily call detail records can be analyzed in real-time to predict customer leaving or churn rates. Businesses with surveillance cameras can monitor hundreds of live video feeds to target points of interest.

Today’s businesses can look to Oracle for solutions that will help them manage their data now and in the future.