The era of Big Data goes far beyond individual transactions found in ERP and CRM systems creating terabytes of data. Big data sources are unique because they are a continuous stream of information with increasing volume, variety and velocity. Putting this information into the right CONTEXT necessarily requires analyzing historical data together with real-time data (video, text, sensors, server logs, social media, etc.) creating exabytes of data.
BIG DATA will challenge our existing decision support systems and processes. Take an analogy of oil drilling. What good is it to know you’ve found an oil deposit if you can’t get it out of the ground? We can look at big data the same way.
TIBCO Software offers a unique view into the value of big data projects via an analytics maturity framework. Clients who are overwhelmed with Big Data need to invest in analytic systems that help them move beyond MEASUREMENT and DIAGNOSIS. PREDICTIVE ANALYTICS helps the business ANTICIPATE its most promising opportunities by continuously modeling/testing its business assumptions. We can see this in examples such as customer segmentation; Price Elasticity; and success of offers. OPERATIONAL ANALYTICS alerts the business to immediate opportunities or threats that may require human judgment and intervention. EVENT ANALYTICS automates the detection and optimal response to an opportunity or threat, permitting human judgment and intervention to refocus on uncovering other hidden opportunities not yet modeled.
The above graph represents a historic, universal analytic workflow for both data at rest or In motion. In many cases there is no immediate need for automated execution. However, an increasing number of big data applications do. Examples may include location based mobile marketing to customers in a store. There is a need to know a profile of the customer as soon as the customer enters a store. The data is only valuable when the customer is in the store not hours after they leave.
In the chart below, Event processing using software such as Tibco’s Business Events or Spotfire Streambase produces an extraordinary increase in value by accelerating the gap between opportunity and action. TIBCO Spotfire identifies this as “Fastest to Actionable Insight” which is a key driver for analytic investment.
In summary, new tools such as TIBCO’s Business Events help make Big Data actionable.