SMARTER STRATEGIES

Speed Briefing: 'Big Data' and 'The Intelligent Economy'

Joe Maglitta | Date: 03-31-11 | Comments

Still sorting out what "real-time analytics," "The Intelligent Economy" and "smarter" everything means to you, your organization and your career? Here are seven key points.

Still sorting out "real-time analytics," "The Intelligent Economy" and "smarter" everything and what they mean to you, your organization and your career? Don't feel bad. These emerging ideas are not always easy to understand, and they are sometimes harder to carry out.

Fortunately, a few hours spent at the recent Directions 2011 conference held by IDC yielded some easily digestible�and actionable�insights.

Below are key points on this fast-evolving latest chapter of IT. Consider them a speed briefing on key issues for you and interested others.

1) THE PROBLEM. Data, data, data, data, data, data, data, data, data, data, data, data, data, data, data, data, data, data and data. And more data. New sources of data (see diagram below) overwhelm our ability to effectively store, retrieve and use data for organizational and societal benefit. More and more of the new data resides in public clouds�outside the management of traditional IT.

2) THE OPPORTUNITY: Successfully managing, mining and analyzing massive new data sets using new technologies such as real-time analytics can create "an intelligent enterprise" that uses information to reduce costs, eliminate errors, improve customer relationships, accelerate and synchronize delivery, and enhance and simplify decision making. At the core is what IDC calls "Big Data"�a set of technologies designed to manage, mine and analyze large collections of information to solve these complex problems.

3) FOCUS YOUR ATTENTION HERE: Unless you work for a hedge fund, Wall Street, a cartel or an oil-state, you'll need to devote precious business and IT resources to grappling with a tricky new class of "big data" issues. Major challenges include:

● Dealing with heterogeneous data from multiple sources, structured and unstructured

● High volumes (size and/or rate) of dynamic data

● Unpredictable content with no apparent schema

● Need for real-time or near real-time collection, analysis and access

4) "BIG DATA" IS JUST THE BEGINNING: It's crucial to nail the business intelligence/analytics piece. That's because, the theory goes, lightning fast, pervasive analysis provides the foundation on which other enabling technologies (broadband, cloud services, social business and mobility) combine in powerful new ways. IDC says this year's emergence of the "Intelligent Economy" promises to transform a wide range of industries, notably energy, health care, manufacturing and government.

5) REAL MONEY IS GETTING SPENT: While it's tempting to dismiss as industry hooey, real organizations appear to be investing in "intelligent technologies." An IDC and Vertical Group survey found that 41 percent of organizations are currently using, implementing or planning to implement (within one year) intelligent technology solutions.

6) NOT AN OVERNIGHT PROCESS: Expect to add a wide range of new and mature complementary technologies over the next decade. Organizations will need well-thought strategies for integrating new technologies (real-time analytics, dynamic process management, sense and respond, predictive modeling) with more mature offerings in data warehousing, data mining, security and virtualization.

7) WHERE TO START NOW: Analysts say the least smart thing you can do is wait. Start preparing for the "intelligent Economy" today by:

● Getting your consolidation/rationalization/virtualization act in "cloud ready" shape

● Identifying and piloting systems that gather real-time or near-real-time data in areas that provide the biggest operational advantage or customer value

● Creating a team of business and technology leaders focused on "getting smarter"

● Getting prepared to work with system suppliers (GE, ABB, Siemens) and engineering companies beyond the circle of traditional IT vendors

● Using service-based delivery and industry standards to deliver deep knowledge

● Not underestimating the value of eliminating common errors and making simple improvements (checklists, notifications and reminders).

Abraham Lincoln famously said: "The best thing about the future is that it comes only one day at a time." Get smart and start.

Special thanks to IDC's Scott Lundstrom, Michelle Bailey, Sue Feldman, Carl Olofson and Steve Conway whose material is reproduced here. For more on getting ready for the "intelligent Economy," see my video interview with Scott Lundstrom here.

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