What is digital data or big data?

A buzzword that is rapidly trending within the fast evolving digital market is “Big Data or digital data” that represents an excellent opportunity for businesses looking to differentiate. With various sources of digital data available to businesses both externally and internally, leveraging ‘Big Data and Analytics’ can drive innovation and uncover potential for disruption to many markets.

Basically, Big data or digital data means a huge volume of both structured and unstructured data that is difficult to process using traditional database and software techniques. It is a significant tool for businesses, government and society for leveraging the ocean of available data, using a powerful and cost-effective analytics technology.

What is so exciting about Big Data is it applies to almost all industries. Digital data is everywhere!  It has the potential to assist enterprises enhance their operations, make more intelligent decisions and plan strategic business moves. Big data loosely describes the collation and analysis of a myriad of unrelated data sources aimed at drawing meaningful business insights. This massive data when collated, formatted, stored and analysed can assist any organisation in gaining useful insight in order to improve performance, retain customers and increase revenues.

There are a number of major Australian companies that recognise the potential of digital data and are already making effective use of the same. There are the pure-play startups in Big Data that are creating buzz and bringing innovation to the market. And then there are the established data warehouse/ database companies that are moving into the Big Data world from a position of strength.

The ability to get the full potential of Big Data Analytics requires not just data, infrastructure and tools, but also skills to traverse the huge mountains of data. With the increased use of technology in each sector, new skills and skilled professionals are required to fully harness the power of Big Data.

Recent research shows that the demand for Data & Analytics Specialists will increase the number of job opportunities globally. The Data Scientist is yet another emerging role meant to fill the skills gap in the Big Data world to tie the data organization techniques into business value propositions. Other job roles open under the umbrella of Big Data include – ETL (Extract, Transfer and Load) Developers to acquire and integrate Big Data; Hadoop Developers to process large data sets in Hadoop; Visualization Tool Developers working on visualization toolsets like Qlikview, Spotifre and Tableau for intuitive and speedy data probing; OLAP Developer – experts in optimization of data organization to empower analytics; Data Warehouse Appliance Specialist – specialized in appliances such as Teradata, Exadata and Neteeza; Predictive Analytics Developer for building potential business scenarios; and Information Architect to build an actionable plan using the company’s data.

There will be a continual hiring demand for big data-related jobs in industries like Healthcare, and Banking and Financial services – but industries having the ability to monetise big data will more likely have a deeper and longer hiring demand for big data-related positions.