Platfora Raises $38 Million For Its Big-data Analytics Company.
Decision making from ones own ‘gut’ feeling is coming to a rapid end with thanks to recent upcoming analytic technology innovations, says CEO Ben Werther founder of Platfora. While Addressing hundreds of veteran technology and business executives recently during the Gigaom Structure:Data Conference , who outlined the the business, cultural and technological factors, which are currently in alignment to finally put an end towards gut decision making that are hampering the progress society makes and leaving a load of fatal problems in the areas of commerce, finance, public health and global security.
“Here’s an industry secret that lies beneath all the news hype on big data today: after two decades of nonstop advances in business intelligence technologies, organizational leaders are still using their gut to make decisions 95 percent of the time,” says Werther. “The reason why is because most people cannot get their hands on accurate decision-support information in time.”
Even three years back, if a company had a fully funded with not expense to pay, data science department, it would still take a excruciating amount of time to obtain and load data, creating data models and then having to organize a team of business analysts, programmers, data scientists and IT professionals to even product a data set. And even then, there lots of times where the data was completely wrong. This would result in several reworks that would ensure at least some of the data, if not all of its value to become lost near the end of the project.
With a new generation of analytics technologies big data coming from the horizon, big data analytic organizations can now remove the time and economic barriers that have prevented decisions based on facts. For example, a large financial services company has reserved $100 million for a project that will last up to 36 months, enabling a executive level of visibility into a stream of real-time customer interaction data. With big data analytics, the company managed to arrive at most of the goals set out for the project within four days and only a small fraction of the company’s project budget.
“When you witness several breakthroughs like this, it’s easy to extrapolate the potential of big data analytics across various industries and government organizations and realize the multi‐trillion‐dollar impact that it could have on the world economy,” said Dr. Barry Devlin, founder of 9sight Consulting.
The huge differences between data analytic from the previous generations of analytic software, which dates back to the invention of spreadsheets, are the velocity, volume, and variety of data it an handle, as well as those who can use these tools. Due to its size the data analytics can handle big data infrastructure such as legacy and Hadoop data quite easily, eve more so than a SQL-era analytic solutions can.