Big Data Analytics
The first steps toward achieving a lasting competitive edge with Big Data analytics.
Most of the conversation surrounding Big Data these days seems to be focused on IT plumbing issues rather than what can actually be done with all that information. While there have been some nascent moves to jumpstart the development of these applications, Michael Baum, an entrepreneur in residence at Rembrandt Venture Partners says much more needs to be done.
For example, while the U.S. government has pledged to spend $200 million to fund Big Data initiatives, Baum notes that most of the Big Data that the U.S. government now requires agencies to store on Data.gov has not been readily made available to the private sector.
As the former CEO of Splunk, a provider of search engine technology that is optimized to identify machine data, Baum says the real value in Big Data is going to come when we make it easy for providers of analytic services to correlate information across diverse sets of Big Data sources. In many instances, that will mean comparing data that the private sector has with the data the government collects.
Big Data frameworks such as Hadoop are clearly starting to morph into application development platforms. In the years ahead we should see the rise of any number of entities that are using Big Data to deliver analytics as a service along with a range of search-driven business intelligence applications.
Baum says such efforts will not only help expand the overall economy, they should lead to major advances that will span everything from education to entertainment and back again.
In short, we may soon be entering a Big Data renaissance period that is attracting the interest of any number of venture capitalists. Given the economic benefits usually associated with such investment, the sooner we can get past all the Big Data plumbing issues the better.