Every medium to big sized healthcare organization has and uses an Enterprise Data Warehouse. As the name implies, an enterprise data warehouse is used to store data. In recent times big data has become the focus of all organizations who use data and rightfully so. Big data continues to grow and our ability to process it is not growing is fast.
There has been groundbreaking new age technology that helps companies utilize big data in real time and it helps the organization run more smoothly. Every industry can benefit from big data and the insights they provide and big data is moving more from a tool to help other activities to the main focus and engine that drives an organization. This does not come as a surprise as data now rules our everyday lives.
Almost every activity we do now involves either using or creating data. Even when we don’t know it, we are creating data. Whenever we use our phones or any smart devices, we leave a trail and that in itself is data. Now the potentials of new technology, are ever growing and even limitless and this does call for some concern if it seems like we are starting to lose control. Just take a look at the statistics below on the growth of data currently
Data is growing at a rapid pace.
- By 2020 the new information generated per second for every human being will approximate amount to 1.7 megabytes.
- By 2020, the accumulated volume of big data will increase from 4.4 zettabytes to roughly 44 zettabytes or 44 trillion GB.
- Originally, data scientists maintained that the volume of data would double every two years thus reaching the 40 ZB point by 2020. That number was later bumped to 44ZB when the impact of IoT was brought into consideration.
- Every minute Facebook users send roughly 31.25 million messages and watch 2.77 million videos.
- An exponential growth in videos and photos is equally prominent.
- On YouTube alone, 300 hours of video are uploaded every minute.
Big Data in Business
Big data can be harnessed and used in many different ways and companies are starting to find clever ways to use it to their advantage, Companies can outperform their competition just using big data is a tool Now new entrants into industries can develop strategies based on existing data of older companies and use it to outsmart the industry.
These companies have ample information about the products and services, buyers and suppliers, consumer preferences that can be captured and analyzed. In the retail industry, for example, retailers can optimize their stock and inventory based on past data and also use predictive models. Companies can track social media trends, web searches, and even weather forecasts and use it to their advantage.
Cloud Computing and the Growth of Data
Cloud computing and big data go hand in hand. It is quite a conundrum to figure out which came first. We couldn’t store big data without the cloud and the cloud would not exist without big data. Cloud computing does have an impact on big data and the way we access it. Before cloud computing, many companies could not use big data for its advantages or even access it because they could not afford the costs that came with it. Costs of hardware that had the computing power to process big data were very high but cloud computing changed all that. Now big data is just a click away.
Advantages of Big Data and the Cloud
It is Fast
The use of the cloud is growing and the way the cloud is structured is that the more people that use it, the more it expands. Experts predict that by the year 2020 at least one-third of all the data in the world will be stored in the cloud. For example, Google now uses shared computing and this is why their system is so fast. They leverage about 1,000 computers to answer every single search query and this leads to a very quick response time. With the good internet you can get results is fast is in 0.2 seconds. The cloud enables the processing of data faster and this is one of the reasons why companies are switching to the cloud.
It is Affordable
Another advantage and probably one major reason why the cloud is becoming more popular is that it is cheaper to get. For new companies especially, i.e startup companies, they usually choose the cloud because it saves them a lot of money that they can direct into other startup costs. Another reason is that this generation are early adopters and they prefer to take the most current and convenient option. In these spaces, not using cloud computing is actually rare and uncommon. They are the pioneers of the industry and they are both the creators and the users.
It is Scalable
With cloud computing and cloud storage, it is easy to scale. You can grow or shrink you want because of this flexibility. It also means you get to pay for only what you use and pay for more and buy more is your growth. SO say you are a start-up company. Is your website grows and you get more visitors, you can scale accordingly and you don’t have to worry about your website crashing. Also if you have a spike in visitors, you can scale to meet the needs of this spike and if it goes down, you can reduce your cloud access too so you don’t waste your resources.