By Kim Yoo-chul
The lack of sophistication in data management capabilities is preventing Korean companies from taking the next big step in growth, according to the chief executive of LG CNS, a leading provider of information technology and systems.
At the ``Entrue World 2012’’ forum in Seoul Thursday, LG CNS CEO Kim Dae-hoon called for firms to embrace the concept of ``big data analytics,’’ which focuses on analyzing and utilizing the massive amount of data on company servers and the Internet.
``This concept could no longer be considered a specialized solution for technology companies. In all industries, companies are required to find quicker and effective ways to handle the larger amount of data and use it to improve their business,’’ he said at the seminar, which was joined by around 1,500 industry people.
``It’s crucial that Korean companies embrace big data analytics as these systems are built to store, analyze and utilize large volumes of data beyond just e-mails, texts and images.’’
Big data analytics has become a technology buzzword and is gaining increasing acceptance as the Internet moves toward mobile devices like smartphones and touch-screen tablets.
The current systems based on these concepts rely on a variety of server-based computing, such as cloud services, that allows users to access and exchange information from anywhere, at any time and from any device.
Experts like Kim believe that these solutions are revolutionizing the way corporations manage information and make their decisions.
Cloud computing services such as Amazon Elastic MapReduce and Microsoft’s Hadoop distribution for Windows Azure are allowing companies to spin big data projects on reduced costs and helping them to respond more quickly and more effectively to business needs.
In a separate session at the forum, Tom Davenport, a professor from Babson College and renowned technology researcher, said Korean companies are well positioned to adapt big data schemes due to their savvy technology and top-down management structure.
``It’s necessary to collect data, prepare integrated structures, set up company goals and hire experienced technicians. These are essentials for Big Data systems,’’ he said.