Data is rapidly becoming the lifeblood of many organisations, used for everything from internal analysis of market trends to greater consumer understanding.
Big Data, the term used to describe this rapid growth, needs to become a critical consideration for organisations – and it's already having an effect in Australia.
In organisations across the country, use of Big Data is climbing – and it's predicted to continue over the next few years.
This shift is going to require effective IT project management strategies to keep the risk of failure as low as possible.
Australian Big Data on a growth path
Big Data surpassed the 25 per cent usage mark in organisations with over 25 employees, and is predicted to reach 65 per cent by 2018. This is according to research from analytical firm Telsyte.
Big Data is becoming increasingly key for all business sectors, as the information allows more accurate predications and analysis.
More consumer interactions across digital channels and a move to predictive business intelligence were two of the most pertinent factors noted by Telsyte. Both require a substantial amount of raw data in order for companies to generate the required results.
For example, an organisation can gather data about consumers through digital channels, such as what products they're interested in and how they interact with the business. This information can then be used to make accurate predictions.
Of course, any major technology shift also requires new tools, which in this case are focused on analytics and data management.
"Big data involves processing and analysing large amounts of high-volume data to extract trends of social or business value," the Telsyte research explained.
"In order to extract business value, a range of new data management and analytics tools are being developed to cope with the increased volume of data."
According to the research, while Big Data isn't an entirely new concept, increased uptake is driving the development of tools and processes to handle it effectively.
The Big Data barriers
Such a substantial technology shift is rarely going to occur without challenges, which in this case centre on the perceived cost of software and solutions as well as integration with data sources and IT infrastructure requirements.
These challenges, however, are a relatively easy fix for most businesses, and involve using capable new cloud platforms.
The right infrastructure
The cloud is one of the most effective options to handle greater quantities of data, given how easy it is to rapidly scale the platforms as and when required.
If the business predicts a spike in data quantity, it's a simple process to scale up the amount of file storage. Likewise, if there is a downward shift in requirements it's only a matter of making another request.
In most cases, this is an instantaneous process.
Starting with infrastructure is one of the strongest first steps in a Big Data management strategy, as it can ensure the organisation is able to scale and meet demand.
Managing Big Data
For an added level of security when taking on such a powerful new IT strategy, it's a good idea to consider using the ITIL framework.
This IT service management methodology has been used by organisations and individuals across the globe. It's constantly driven forward by new technology developments and the environments in which it's used.
There's no denying that effective management is a necessity when moving into a new IT trend, especially one as comprehensive as Big Data.
To find out more about to get most out of a Big Data strategy with ITIL, speaking with an expert course provider such as ALC Training is the ideal solution.