Healthcare uses big data for patient admission prediction, personalized treatments and practice management optimization. Telecoms carry out location-based device analysis and optimize prices, call centres and networks. Financial services use it for customer analytics, risk assessment and fraud detection. Big data is all around and there are hundreds of other examples of where it is used.
Benefits and challenges of using big data
Big data brings many benefits. It can decrease costs, create new avenues for innovation and enhance customer service through advanced analytics. However, one challenge faced by implementers of this technology is the lack of a consistent approach to describe a big data architecture and implementation.
Big data and analytics (BDA) is booming and expected to generate USD 274.3 billion by 2022 according to the International Data Corporation. IT and business services will account for more than half of all BDA revenues throughout the forecast and will be among the categories with the fastest growth.
Research by Science Soft (software development company) shows that 70% of very large companies (5000 + employees) are most interested in big data for data warehouse optimization, around 45% of small, mid-sized and large companies (1000 – 5000) use big data for data warehouse optimization, predictive maintenance and customer analytics, while small companies (up to 100 employees) are most interested in customer analytics.
How standards help
A new Technical Report published by IEC and ISO, ISO/IEC Technical Report 20547-1, provides a framework and application process for organizations to apply for building a big data architecture for their problem domain.
“The big data reference architecture series of standards establishes the foundations for a big data ecosystem,” said Wael Diab who leads the group that developed the TR.
The framework consistently describes the organization’s architecture and its implementations regarding the roles/actors (big data application and framework providers or service partners) and their concerns (technical, operational, legal etc.) as well as the underlying technology. It will allow organizations to map those to activities and functional components that will implement the architecture.
Read the full IEC e-tech article.