So, what is Big Data? And what does it mean for me?

Big Data is everywhere; and can be found wherever we have the capability to capture any form of data. This can be personal data, online web traffic, social media outputs, purchase transaction histories, to name just a few. This data is captured from many different sources meaning these all individual pieces of information can make a data set that is so large and complex that it becomes almost impossible to manage using ‘traditional’ data processing tools. It also means that the processing power needed to make sense of this information can become incredibly costly and complex to manage.

Clearly each organisation’s maximum capacity for data varies – and so the point at which having a high volume of data becomes a problem also fluctuates. But, as the volume of data increases, the length of time to analyse, predict and to seek trends is greatly increased. So, as well as the cost of additional processing power, the number of people needed to process data increases – and the time taken to extract meaningful information increases in line with the amount of data stored. Below we take a closer look at the key advantages you can realise through deploying a Big Data solution.

Increased and unnecessary headcount

The number of staff it takes to sort, analyse and report on massive data sets can be extensive. You can have a whole team whose function it is to sit and produce the necessary reports on a daily, weekly, monthly or even yearly basis. If an organisation invests in the right tools to address Big Data, these staff can be freed up to concentrate on more useful value-added reporting that is faster and more accurate. This gives you more effective use of your biggest asset, your people! Clearly if you are in human resources and finance, the benefits of improved efficiencies and reduced headcount can be very compelling when considering any Big Data project.

Time

Time is probably one of the biggest factors in the requirement for analysing Big Data; time is precious to every organisation and every person, and so the more time effective we are the better… as they say, time is money! Big Data solutions can help to drastically cut the amount of time personnel are taking to extract information and work with data sets. It means more time can be spent on increasing the number – and the value – of reports. A good Big Data solution will enable you to free up time to improve your productivity and increase reporting, making a much better and streamlined department that can add more value to the organisation.

Expense

Rising costs are a problem for any organisation and so the added expense caused by data capture and analyses should be reduced where possible. All elements have a cost associated with them – whether it is data capture, data storage or the cost of personnel. To collect data and do nothing with it will still cost the organisation – whether this is a loss of the opportunity you have available, missing trends or key insights into your organisation’s performance. Some data has a requirement to be kept for up to 7 years i.e. financial. To just store this information, rather than use it to your advantage, is not making the most of your assets. The way to look at the data is how it can make the most for you, your team and your organisation. To be able to see peaks in sales figures for example, and then pre-empt these with the necessary logistics to fulfil these orders quickly, can actually help save you money and help to grow a loyal customer base.

Keeping ahead of competition/Overperformance

Using a Big Data solution that is accurate, fast and works, can have a massive impact on an organisation. SAP for example found that installing Big Data analytics for their CRM system resulted in a system that was 250 times faster — resulting in 30% cost savings compared to the previous CRM installation. If your organisation is working at these increased speeds and with relevant and accurate data, you will be able to move faster – giving you a distinct advantage over competitors.

How can SAP HANA from Invenio help you?

SAP HANA is SAP’s answer to the Big Data challenge. SAP HANA can transform the speed at which your company operates by enabling real-time insight into every aspect of your business operation as it happens. And by taking advantage of high-speed analyses of all of your data, the second it’s created, you get answers based on information right now.

Invenio are a certified SAP HANA reseller, and can help you to understand how this ground-breaking technology can help you to improve business insight and performance at speeds you never thought possible. For more information contact us.