Big Data: The Future Begins Today
First Line Software participates in the CNEWs IT Outsourcing Market 2017 ConferenceAlexey Petrov, Head of the Software Development Group at First Line Software, spoke about Big Data at the “IT Outsourcing Market 2017” conference held in Moscow on March 16th. The following is a summary of the presentation he delivered at the conference which was produced by one of Russia's largest information portals – CNEWs.
Nowadays the term “Big Data” is on the lips of all IT professionals, and despite continuous discussion about what is considered Big Data – a set of technologies, a popular concept or the classic 5V (Volume, Velocity, Variety, Veracity, Value) combination – the interest in the topic keeps growing.
According to a Gartner poll, 45% of the largest companies in the world have already invested in Big Data projects; 76% plan to do so within the next 24 months.
And the reason is quite significant. It is the use of these technologies that will determine who wins the race in a modern world which is currently experiencing the 4th industrial revolution. This revolution is accompanied by datafication and digitalization, along with a complete disruption of communication patterns driven by the introduction and use of social networks.
Big Data projects are not only intended to assist in discovering insights and trends that are impossible to see when using standard business analytics methods to analyze oceans of multi-layered data. These projects are also being used to strengthen client relationships based on the distinct information which can be drawn out of social networks and customer analysis.
If we visualize the entire model of a Big Data project as a pyramid, there are three primary components: Data Engineering, Data Analysis and Data Science. At the base, Data Engineering focuses on a set of soft-hardware for Big Data storage. Data Analysis is in the center and addresses the assembly of methods for organizing unstructured data and tools for data filtering, modeling and visualization, and applying machine learning capabilities. At the apex of the pyramid is Data Science, which is extracting knowledge or insights from data in various forms. Data Science is at the junction of several sciences and requires quite a unique set of knowledge, competencies and skills – from mathematics, statistics and programming to management and the specific subject matter of a business. Even when a company is mature enough to implement a pilot Big Data project, they may not be equipped to efficiently use the project results or even really appreciate them.
While there are global companies that do provide companies with recommendations on how to start a Big Data project, open a Big Data laboratory, or hire the necessary specialists, these same companies recommend seeking external expertise.
Over the years, First Line has accumulated significant depth in software development and implementation expertise across a number of industries and evolving critical capabilities, including Big Data. Our Big Data experts use the most relevant, leading technologies and tools and have deep academic analytical capabilities, along with the ability to quickly understand internal business processes and market situations. As a result, Big Data is now one of the company’s strategic areas of focus.