Data is the origin of insights, and insights are the fuel of business in a highly competitive market. Big data is the natural evolvement of raw data and a result of data sources diversity.
What is Big Data Management?
Big data management is the sourcing and arrangement of data, creating and managing databases and backups, and defining permissions to individuals or functions to access specific data.
Big data analytics is the application of certain analytical tools and techniques to derive more organized and meaningful data for more effective decision making process. Big data is simply data with different attributes. Its volume is huge, its sources are diversified, and its velocity is rapid. If an entity has up to 100 GB of data from one or two sources, it does not have big data, but it has data that should be analyzed for the good of its business.
Why does a business entity need to be qualified for Big Data Analytics Management?
Data is a business entity asset, which is really important, and is not used as it should be.
Now it is the right time to exploit such data and make use of the same. A business entity needs its staff to be qualified and trained in the latest technology and methodologies to analyze, prepare and visualize its data.
Are there any international standards or regulations for Big data Management?
Yes, there is General Data Protection Regulation (GDPR), which is a European standard regulating the protection, processing, usage, transfer and exchange of the personal data related to natural persons. If a business takes a capture of customer’s data, or if an entity has a web portal that collects client’s data, that means the entity needs to comply with GDPR.
In the State of Kuwait, Capital Markets Authority issued Resolution No. 169 of 2019 amending certain provisions of the Executive Regulations of Law No. 7 of 2010 regarding the Establishment of Capital Markets Authority and Regulation of Securities Business, as amended. The Resolution is intended to regulate the legal protection of personal data of natural persons and the procedures for transfer and exchange of such data with peer regulators in other member States of the International Organization of Securities Commissions (IOSCO). CMA made the necessary amendments to Module 1 and Module 2 of the Executive Regulations of Law No. 7 of 2010 regarding the Establishment of Capital Markets Authority and Regulation of Securities Business, which include the required treatment.
What is the added value to business entity from Big Data Management?
- Attain competitive advantages.
- Convert business entity’s data into information, and convert information into insights.
- Promote stakeholders’ trust.
What are the services offered by Baker Tilly?
- Data Strategy
- Data Governance
- Data Analysis / Data Analytics / Predictive Analytics
- Big Data Project Management
- Big Data Vendor Management and technology assessment