Big Data and Analytics seem to be the new buzz words around town these days.
Many companies from startups to large Corporates particularly in the Financial Services sector, have some sort of short to medium term plans around them.
But what is this ‘new kid on the block’ and does Ireland have the skills to fill this need??
There doesn’t appear to be an internationally recognised definition of Big Data but the term has been used to describe the massive increase in information; how we mine it and more importantly it’s use. We believe the driver behind the upsurge in big data has been the need for detailed information from companies, media, social networking and of course the internet. Data Analytics is the analysis of this data i.e. the mining, analysis, interpretation and utilisation of data including Big Data.
Today there is more data being created on a daily basis than ever before and people and organisations now recognise the potential benefits and business value which can be extracted.
Organisations are using this data to accelerate profit and growth opportunities while improving business performance, while others are using it to manage risk. But to use the data, it has to be extracted by people and systems.
The process of extracting and analysing this data to create value or indeed profit for some organisations is now a large area for IT professionals in Ireland and further afield.
In Ireland, a Government and enterprise wide approach is required to serve the needs of these organisation for suitable skilled professionals. This should include new courses, up-skilling of talent, providing career paths in this area and understanding the opportunities this field can provide in the future.