Why Big Data Mining / Analytics is the New Gold Rush

Just mention the words “Big Data” to any technology entrepreneur or investor and observe how his/her face lights up with excitement. Given the perceived opportunity in Big Data, tech entrepreneurs and investors want to capitalize on it by starting /investing in a Big Data Management, Mining and Analytics business. Is this perceived opportunity in Big Data for real or is it a bubble that will burst soon?

I think the perceived opportunity in Big Data is real and is here to stay as Big Data Mining/Analytics will fundamentally change the way business is done not only online but also offline. Here’s why: Big Data is a key enabler for Social Business and without Big Data Mining/Analytics, a large or medium sized company can neither make sense of all the user generated content online nor can collaborate with  customers, suppliers and partners effectively on Social Media channels. And both of these activities, namely gaining insights from user generated content online and collaborating with customers and partners on Social Media channels are critical for success in the age of Social Media.

Can you imagine any large or medium sized business without e-Business in the internet age? Similarly, it is impossible to run a large or medium sized business in the age of Social Media without leveraging user generated content or without collaborating with customers and partners. And for this to happen, Big Data Management, Mining and Analytics are critical/key enablers.

Being a key enabler and catalyst in Social Age, Big Data Management, Mining and Analytics companies are going to command a premium valuation and hence Big Data Mining and Analytics has triggered a new ‘Gold Rush‘, not to mine gold this time but something even more valuable – knowledge and insights.

What do you think? Do you agree that Big Data has triggered a new Gold Rush?

 

  • http://www.evoapp.com/blog Sergei Dolukhanov

    Unstructured data is EVERYWHERE. Humans have generated more digital data in the last 2 years than IN THE ENTIRE HISTORY OF MANKIND COMBINED. 
    The gold is in the insights you can derive from this data to help companies make better business decisions. 

    Social media business intelligence is the crossroads between business intelligence and social media, the bridge between these new unstructured data streams and the BI to help make better business decisions. 

    @sdolukhanov:twitter 

  • http://hkotadia.com/ Harish Kotadia, Ph.D.

    Sergei: You are absolutely correct. Thanks for sharing your thoughts. 

    Only thing I would like to add to what you have said is that Big Data Analytics goes beyond Social Media BI and includes use of Predictive Modeling.

    Thanks again for your comment,

    Harish Kotadia, Ph.D.

  • Mike

    This article reads like an SEO wetdream.

  • http://hkotadia.com/ Harish Kotadia, Ph.D.

    Days of SEO (Search Engine Optimization) are about to be over. Start talking about Social Media Optimization (SMO)!

    Harish Kotadia, Ph.D.

  • Ranga_vk

    Sir,
    I totally agree that ‘Big Data’ will play a huge role if redefining the way businesses view opportunities and is here to stay. You have stated that investors are excited about the term ‘Big Data’ and why shouldn’t they!!! My only concern is that this ‘Gold Rush’ to exploit the opportunities is Big Data must not go out of hand in the sense that it must be put to good use and the right use. 

    Ranga

  • KarmaCRM

    I definitely agree with you. Social Media Optimization has been the trend these days and will last for years as more social media sites are emerging and more people are hooked into it. Marketers go where the people stay.

  • http://twitter.com/Jona_B_12 Jonathan Bello

    How can I be a part of this Gold Rush? I’m a college undergrad studying Computational Science.

  • http://twitter.com/apowerpoint Anthony Power

    While the analogy between gold and mining seems unavoidable; the reality is that data mining creates gold — those insights that represent the ah ha or oh no moments where we change how we market.