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Companies collect mountains of data, but often don't use the information in any useful way. Jim Zimmermann, Director, Skillsoft Books24x7 explains how companies that have invested in analyzing their Big Data repositories have often discovered information that have a large impact on the direction of their businesses.—Jennifer Bosavage, editor.

What’s the big deal about Big Data and Big Analytics? All successful organizations collect lots of data – about customers, purchases, manufacturing, supply chain, employees, their web sites, etc. – and the amount of data is increasing exponentially (for example, location-based data, RFID transactions, medical records, etc). Although some of this data is structured, there is an increasing amount of unstructured data such as free-form text, images, videos, audio, etc. Much of the data that has been collected is just sitting somewhere waiting for someone to decide if it may have value to an organization.

A recent McKinsey Global Institute study, “Big data: The next frontier for innovation, competition, and productivity,” defines Big Data as “datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze.” Big Analytics is the process of analyzing Big Data to derive value for the business. Big Data and Big Analytics have been successfully employed in both the private and public sector to use the data to derive business value. Organizations that have invested in analyzing their Big Data repositories have often discovered information or trends that have a profound impact on the future direction of their organizations.

The McKinsey study, continues: “Our research finds that data can create significant value for the world economy, enhancing the productivity and competitiveness of companies and the public sector and creating substantial economic surplus for consumers. For instance, if U.S. health care could use big data creatively and effectively to drive efficiency and quality, we estimate that the potential value from data in the sector could be more than $300 billion in value every year, two-thirds of which would be in the form of reducing national health care expenditures by about 8 percent. In the private sector, we estimate, for example, that a retailer using big data to the full has the potential to increase its operating margin by more than 60 percent. In the developed economies of Europe, we estimate that government administration could save more than €100 billion ($149 billion) in operational efficiency improvements alone by using big data.”

The push toward Big Data and Big Analytics fuels an organization’s need for advanced technology-based analytics tools as well as top analytical talent to perform analysis of the data and to apply the findings to produce improved business results. Analysts point to a need to build an internal analytical culture, and they claim that despite early successes, analytics are not integral to decision-making processes in most organizations.

So where can companies go to acquire Big Data talent?

Unfortunately, there is not a lot of talent available to hire. That's partly because Big Data has only recently exploded on the scene as an area that demands attention. The scarcity of talent is also due to a lack of focus on data analytics in higher education. Data analytics is not just an IT discipline – it requires significant mathematical and statistical skills.

Although several institutions of higher learning are rushing to add additional coverage of these areas in their curricula, it will take years before Big Data talent starts flowing out of higher learning institutions in volumes that can begin to address even current needs. Firms such as IBM and SAP have begun working with universities across the globe to help them establish programs that will help fulfill the need for data scientists, data analytics professionals, and data-savvy managers. But creating new educational programs is only a first step - students also need to be encouraged to participate in the programs by making them aware of the opportunities in Big Data, including an understanding of possible career paths and the financial rewards of tackling Big Data opportunities.

 
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Tuesday, 21 November 2017 04:10

There is no escaping the presentation if you are a student or a working professional.

The art of making a presentation is an essential soft skill for academic and career success. A presentation explains a subject or a theme to an audience, with a specific purpose of informing, convincing, or to form the background for a debate.

Presentations have found wide applications in the academic environment, for case studies, projects, assignments, debates and lectures.

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Then How Is Linux Built?

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TECHNOLOGICAL UNIVERSITYH Maheshappa | VICE-CHANCELLOR, VISVESVARAYA 

50% of students are meritorious. There are many who get in through management quota and reservation. You cannot expect everyone to pass all subjects in the stipulated time. But at the same time, we have to look at social justice and give admissions to all. Every year, around 10% will be filtered during exams. –NOT ALL CAN PASS

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