by December 23, 2013 0 comments

“The reason for this data explosion is the result of the sheer number of connected devices (that will touch 15 bn by the end of 2015), internet services, social media, cameras, sensors and user generated data”

Big Data in 2014
– It is important to determine whether big data will help your company
– Big data isn’t just for big businesses, small businesses can leverage it
– Big data will test capabilities of even the most advanced analytics tools[image_library_tag 495/90495, style=”float: right;” alt=”srinivas-tadigadapa” ,default]

As in the consumer domain, enterprises today are seeing trends which significantly impact the business models and transform organizations. Any trend to be considered a disruption is usually based on three pillars. Firstly, it must be an innovation that has some utility to organizations that have access to plenty of capital and resources. The second pillar is that it must also target the lower end tiers of businesses and lastly, the trend must be supported by a structured and fully integrated ecosystem.

Based on these criteria, one of the most disruptive technology trends that organizations are witnessing today is – Big Data. Data was viewed as a storage problem earlier. However, a major portion of Big Data consists of large unstructured data sets that constitute 90% of the enterprise data. The reason for this data explosion is the result of the sheer number of connected devices (that will touch 15 bn by the end of 2015), internet services, social media, cameras, sensors and user generated data. Traditional systems are unable to cope in a cost-effective manner-if at all- with new dynamic data sources and multiple contexts for big data.

There is a wide gap between leaders and laggards
The explosion of big data is testing the capabilities of even the most advanced analytics tools. IT is challenged by the sheer volume, variety, and velocity of this flood of complex,structured, semi structured, and unstructured data-which also offers organizations exciting opportunities to gain richer, deeper and more accurate insights into their business. In the Indian context, there is a wide gap between leaders and laggards – a small number of organizations are already committing to and investing heavily in big data solutions, while the majority of organizations are in the very early stages of discovery and understanding. China and India lead big data adoption in the APAC region (both with 21% reporting having implemented big data).

Large number of of midsize businesses will implement big data in next 12 months
In India, the gap between organizations that achieve benefits from big data and advanced analytics and those, that struggle even with traditional systems and methods will widen. Overall, the Asia Pacific region today is witnessing one of the highest growths in big data globally due to the dramatic transformation of its nations. IDC projects a five-year 46.8 per cent compound annual growth rate from US$258.5 million in 2011 to US$1.76 billion in 2016. More than 75 percent of midsize to large businesses are implementing big data-related solutions within the next 12 months – with customer care, marketing and sales departments increasingly driving demand, Although success will certainly depend upon the individual business and its ability to seize the opportunity, big data isn’t just for big businesses.

Improving customer insight will play a vital role
In fact, it is one area of modern technological advancement that can be utilized by any business regardless of its size, thanks to various cloud hosted solutions entering the market place. Demand-driven initiatives are typically focused on improving consumer insight and experience, wherein organizations are seeking ways to leverage customer data to improve understanding, predict behavior, and ultimately deliver improved value via increased customer intimacy. Early adopters include telcos, retail chains and insurance and financial services, which use cases like increasing customer service levels, marketing campaign optimization and reducing customer churn. Supply-driven approaches on the other hand are more common in verticals such as oil and gas, utilities, healthcare and financial services.

These initiatives are a response to market pressures for organizations to make better use of the data they already have. Examples include the use of smart grid technology and the expanded use of sensors to create more intelligent systems. Without a strategic plan that includes clear business goals, strong data governance, and the right mentality and people, big data initiatives may struggle to deliver the intended business value. Forrester recommends that projects must focus on bigger business impact rather than bigger data repositories. It is important to determine whether big data really can help your company at this time. Don’t get swept up in the hype, but explore the potential of it. And unless a clearly defined significant business outcome can be assigned to big data initiatives, it is recommended that any project should start small and iterate quickly, with a focus on slowly building up the capabilities and skills to take on a larger implementation.

 

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