More businesses in a variety of sectors are devising big data strategies to drive business intelligence (BI) and decision-making this year.
Recent Microsoft research revealed that more than 75 percent of corporations are implementing big data tools in the next 12 months primarily for customer care, marketing and sales purposes. While only 13 percent of respondents have fully deployed big data solutions, nearly 90 percent have dedicated a specific budget for addressing these initiatives. Nearly half of companies surveyed cited the rapid growth in data volume as the main challenge in deployment, while 41 percent cited integration of BI tools and 40 percent struggle with tools that provide adequate insight.
John Partridge, CEO of Tokutek, told the Boston Business Journal that businesses will need to become increasingly aware of what technologies are useful in deriving meaning from mass amounts of structured and unstructured data that has become difficult to manage.
“The underlying problem is there’s this immense appetite to process phenomenal quantities of data, in less and less time. And there are lots of different places to innovate,” he asserted. “I think the number of big-data problems and the huge diversity of big-data problems creates an opportunity for all of us.”
Michael Widenius, creator of MySQL, told Computer World UK that SQL databases will continue to be an optimal solution for dealing with relational processing, which is crucial to big-data mining.
BI benefits for varying purposes
Companies in different industries and with different business objectives are taking advantage of big data analytics. One company making use of MySQL for big data analytics is boutique fashion retailer BeachMint, which utilizes a recommendation engine for celebrity stylists and clients. Director of analytics for the company, Doug Cohen, told the Financial Times that big data analysts work closely with marketers to deal with constantly changing trends.
“The fashion world changes so rapidly that it would be difficult to fully automate [customer recommendations],” he stated.
BeachMint leverages MySQL to process terabytes of data in addition to millions of emails on a daily basis, and record click stream data for analytics reporting. Rob Frohwein, chief executive of Kabbage, relayed to the news source how his company relies on the context surrounding data that reveals trends for enhanced insight. His company’s initiatives have mined data that may have been created for an alternate purpose, real-time continual data generation and the ability to connect the dots between separate sources of information.
As more enterprises look to improve decision-making through big data initiatives, database experts can provide essential remote support and varying perspectives that truly solidify successful efforts.
RDX’s business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.