The Big Cost of Big Data Analytics
Not everything that can be counted counts, and not everything that counts can be counted. — Albert Einstein
Big Data Analytics isn’t exactly new. Large corporations have already been storing and analyzing multi-data types not only to gain competitive advantage but also to achieve deeper insights into customer behavior patterns that directly impact their business.
Building a Data Analytics solution is somewhat like building your own house. Just like everyone who wants to build their dream home, every business wants to build a perfect data analytics solution. However, the single, most common thing both cases is that one has no idea what the true and final cost will be.
The cost of building a Data Analytics solution can be broken down to 3 main categories:
· Infrastructure
· Maintenance
· Human Resource
The Up-Front Cost of Infrastructure.
Building any major functionality like a big data analytics platform requires significant design, coding, testing and documentation work. The infrastructure consists of data storage, servers, network and monitoring tools. All these costs are proportional to the platform’s size. Thereby, not many businesses are prepared to make such investment.
The Running Cost of Maintenance
In the early stages implementation, working out all the kinks and teething problem can be a very time and labor-intensive process — consuming engineering and staff resources. After a system is implemented, it is routine to anticipate ongoing application improvements, the addition of hardware and networking firmware, new software versions, patches, bug fixes and new features, which complicate the overall lifecycle maintenance.
The Cost of Scarcity in Manpower
Amongst all this, the most significant cost is human resources. The solution is complex, and it requires real know-how and involves numerous specialists. The most important hire would be engineers who are experienced with Big Data (an expensive and scarce resource nowadays). In addition, maintaining the system also requires infrastructure experts, Java/Python developers, database administrators (DBAs), data analysts, dashboard developers and so forth.
Affordable Data Analytics — Myth or Possibility?
Regardless whether your business chooses to build an in-house solution or buy an off-the-shelf software, launching a new analytics capability into your business is like launching a new product. You have to take into consideration the computation power, storage, networking architecture, software integration, data space design, analytic framework design, data visualization, and what kind of analytics is required to support business objectives.
The entire process can take more than a year — optimistically. Any unanticipated problem can push the time-to-value further into the future. Each organization should consider how long they can afford to wait before the costs outweigh the benefits. Faster implementation means organizations can achieve significant insights and recoup costs more quickly.
DATAVLT — The Decentralized Big Data Analytics Solution
DATAVLT — the on-demand, self-service, behavioural data analytics engine that tracks, analyses, integrates and correlates data, enabling users to make more informed business decisions. With DATAVLT, you do not need to hire a data science team or pay hefty subscription for tools you seldom use or need.
DATAVLT Unique Proposition for Affordable Data Analytics
· Open Source Customization — DATAVLT allows and incentivizes 3rd party developers to create analytical tools or verticals with our platform. You don’t have to reinvent the wheel.
· Pay-Per-Use — DATAVLT users only need to pay for analytical services when they use it; eliminating the cost of idling machines and hefty subscriptions.
· Data Security — DATAVLT leverages on blockchain to ensure your data sets have immutable audit trail. Thus, rejecting illegal or accidental data manipulation.
· Ecosystem — DATAVLT is a community driven ecosystem whereby users are empowered to buy, sell or share their analytical findings with one another.
At the core, the DATAVLT unique proposition is the ability to provide data integration and correlation analytic tools to any entity that may require it, affordably. These tools are supported by artificial intelligence and machine learning capabilities, driving the possibility for behavioural learning. DATAVLT aims to empower businesses by providing democratised data to those who are looking to grow internal capabilities cost efficiently.
Find out more about us:
DATAVLT Website — http://datavlt.com/
DATAVLT Telegram — https://t.me/datavault
DATAVLT Twitter — https://twitter.com/datavlt
