Exploiting Big Data — How to make the most out of your investment

Before we can talk about making the most of big data -- you have to define it. And it seem these days everyone has their own interpretation of big data. Eric Sweden is the Program Director for Enterprise Architecture & Governance at the National Association of State Chief Information Officers (NASCIO). For Eric, "big data has five characteristics volume, velocity, variability, variety and complexity." NASCIO has just released a new report, Is Big Data a Big Deal for State Governments? The Big Data Revolution – Impacts for State Government – Timing is Everything. He told Chris Dorobek on the DorobekINSIDER program how to maximize the power of big data. "You don't just need big data," says Sweden, "you also need big analytics." Big Analytics: "You need to take the data and turn it into knowledge. Then you apply wisdom to exploit knowledge to make decisions," said Sweden. Issue Management: "Right now there are a lot of big issues that need to be solved and in order to do that you have to have the data and information knowledge to determine the proper response," said Sweden. Savings: "I don't think people realize how much money can be saved by using big data to uncover waste, fraud and abuse. Big Data puts an emphasis on cost side economics. Analytics can help us understand what programs are delivering, which are viable and which are irrelevant," said Sweden. Duplication: "If different agencies are investing in different tech goods and services then it creates a huge portfolio for CIOs to manage. We can't afford that in State government," said Sweden. Biggest Challenge: "We aren't speaking the same language. We need to define big data, explain what you call it. Because right now we have a whole bunch of different versions and it's making the conversation very difficult.
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