Today, big data when it is well analysed can provide new insights, open new markets and value-add to the business. However, handling data also comes with great responsibility, especially with the constant threat of cyber-attacks.
Advances in technology have meant that the cost of storing and analysing big data has been reduced making it a cost-effective source for more accurate business decisions.
The value of big data is in having well-trained and insightful analysts and executives who ask the right questions, recognise patterns, make informed assumptions, and know how to use the information to predict behaviour.
When we think of the holders of big data we think of banks, insurance, and major retailers however they are not alone in holding data. Smaller to medium-sized businesses have the same opportunities and responsibilities that come with holding other people’s data.
Spending on big data is increasing globally
Section 2
Globally spending on big data and analytics solutions is growing. In North America spending on big data was valued at over US$35 billion in 2019 and estimated to grow to US$74 billion by 2014. In Australia and New Zealand, spending was valued at US$5.5 billion in 2022 and growing.
Three reasons why we are seeing growth in spending on big data.
Provides Better Insights: used properly businesses can use their big data to identify new trends, segment customers, to offer new and more targeted products/services.
Offers Competitive Data: as a flow of real-time information, when harnessed well businesses can adapt to change more quickly, staying ahead of their competitors.
Has Potential to Improve Productivity: data analysts within a business have data at their fingertips allowing for easier analysis, to detect patterns boosting staff productivity.
Section 3
Risks of holding other people’s data
Big data comes with big responsibilities and if gathered, stored, or used wrongly it can result in serious consequences for the owners of the data. The fallout for the business is a loss in reputation, legal ramifications and in turn a loss in profits.
Let’s briefly look at three key areas of responsibility.
Security: big data is difficult to store safely and having systems and procedures in place comes at a high cost.
Legal and Ethical use: holders of big data have an ethical responsibility to ensure that they use the data legally and ethically. This means that when using such data businesses must think carefully regarding how stakeholders externally view such use.
Data breaches: There have been global examples of data being breached intentionally by cyber-attacks placing pressure on businesses to strengthen their cyber security. In addition, unintentional breaches can and have occurred internally as a consequence of out-of-date processes and systems or simply human error.
What does this all mean for demand in big data professionals?
Careers in big data are growing as more businesses recognise the opportunity and risk that comes with being the holder of other people’s information. Businesses at all levels are looking for specialised tech skills to provide the means to analyse and use the data for business growth while establishing processes to ensure data is stored safely. And, as technology advances to enable systems to be breached, the need for safeguards increases, leaving no room for complacency.
If you are seeking a talented individual to handle your big data needs or struggling to compete in the ongoing talent war, reach out to Sharesource. We can connect you with highly-skilled big data architects, big data engineers, data analysts, data scientists, database specialists, security solution architects, and data migration specialists. Let us help you fast-track your business growth and tap the global talent pool to find the right talent for your business.
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