The 7 Biggest Business Benefits from Big Data

Businesses are using the power of insights provided by big data to instantaneously establish who did what, when and where. The biggest value created by these timely, meaningful insights from large data sets is often the effective enterprise decision-making that the insights enable.

 
Extrapolating valuable insights from very large amounts of structured and unstructured data from disparate sources in different formats require the proper structure and the proper tools. To obtain the maximum business impact, this process also requires a precise combination of people, process and analytic tools. Some of the potential business benefits from implementing an effective big data insights methodology include:
  1. Timely insights from the vast amounts of data. This includes those already stored in company databases, from external third-party sources, the Internet, social media and remote sensors.
  2. Real-time monitoring and forecasting of events that impact either business performance or operation
  3. Ability to find, acquire, extract, manipulate, analyze, connect and visualize data with the tools of choice (SAP HANA, SAP Sybase®, SAP Intelligence Analysis for Public Sector application by Palantir, Kapow®, Hadoop).
  4. Convergence of the BDI solution for variety with the speed of SAP HANA for velocity
  5. The capability of Hadoop for volumes to manage vast amounts of data, in or out of the Cloud, with validation and verification.
  6. Identifying significant information that can improve decision quality
  7. Mitigating risk by optimizing the complex decisions of unplanned events more rapidly
Common characteristics of big data insights include:
  • Addresses speed and scalability, mobility and security, flexibility and stability
  • Integration of both structured and unstructured data
  • The realization time to information is critical to extract value from various data sources including mobile devices, radio-frequency identification (RFID), the Web and a growing list of automated sensory technologies
Here are some examples of a combination of different tools for big data insights:
  • SAP HANA provides the extremely accelerated business warehouse/enterprise data warehouse (BW/EDW).
  • Hadoop provides reliable data storage and high-performance parallel data processing – the ability to store extremely large data sets.
  • Cloud is extensible, flexible, scalable, elastic, self-healing, on-demand, etc. and provides the inexpensive hardware/software platform with all applications (such as Kapow, SAP Intelligence Analysis for Public Sector application by Palantir, CRM, SAP Sybase IQ, SAP Data Services with text analytics) for rapid ramp-up at lower capital cost requirements.

 

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