Gathering and interpreting big data is proving challenging for many high-profile businesses, Splunk President and CEO Doug Merritt told Cramer on Wednesday.
“I meet with hundreds of customers every single year and they’re all wrestling with that challenge of big data’s growing like crazy and how, ultimately, to get insights,” the CEO said. “But that starts, in the very beginning, [with] what data do we even look for? How do I find big data? What are sources of big data? Then, how do I correlate these colliding streams that are hard to make sense from so I can get those insights and take action?”
Splunk, which manages data for massive companies like Mercedes parent Daimler AG, is a leader in machine data, a segment Merritt said is growing 50 times faster than “traditional business data.”
“Splunk distinguishes itself on a couple of differentiated axes,” Merritt said. “The first … is scale. Our bigger customers are ingesting petabytes of data per day – petabytes per day. It takes 2 million active users on the internet to drive a petabyte of data, so it’s a massive scale. And it’s not just that ingest piece – it’s how do I get real-time information? The whole power of machine data is I’ve got to get quick response times so I can sense and respond.”