Why adoption of Big Data Analytics is important more than ever in 2014?

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By Sagar Patil (Product Head @ Kenscio)

Big Data

• Huge amount of data exist in Digital Universe today

• Managing huge database that can generate only contextual and relevant data are impossible to do in traditional way

• Poor data management leads to huge costs

• Only Automated tools can help in condensing huge data that can deliver informative results

Taming Big Data

• According to report, 2.7 Zetabytes of data exist in the digital universe today

• Facebook stores, accesses, and analyzes 30+ Petabytes of user generated data

• The rapid growth of unstructured data like YouTube users uploading 48 hours of new videoevery minute

• Poor data across businesses and the government costs the U.S. economy $3.1 trillion dollars a year

Key Facts about Big Data:

• Despite industry hype, most organizations are yet to develop, implement or execute a Big Data strategy

• A survey found that 12 percent of organizations are currently implementing or executing a big data strategy while 40% of them are still considering / exploringBig Data.

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12%

5%

11%

40%

23%

9%

Big Data Adoption Stage Distribution

Implementing/Executing

Testing

Planning

Considering/Exploring

Not Considering

Don’t Know

Fig 1 (Source - sas.com): Which of the following best describes your organization’s stage in using

external big data to help make business decisions?

Capturing and Storing Is Only the Beginning

• Only storing and capturing big data do not make it valuable

• Additional tools are needed to explore and analyze it

• It’s all about “not knowing what you don’t know.”

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Making Big Data Relevant for Business Orders:

• To harness that power, organizations must hire data scientists, craft complex algorithms, and make massive investments in infrastructure and software

• Data’s value can be unleashed for business users by condensing it and intelligently presenting only what is relevant and contextualto the problem at hand.

• Analytical experts have got bigger role to play for business growth

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More analytics, fewer Gut feelings

• Ecommerce companies will grow increasingly by focusing on data and willing to apply analytics-derived insights to key business operations

• Intuitive decision-making will diminish somewhat as companies infuse analytics into everything that customer touch

• Data analytics will be the driver for capturing more customers, upselling to existing customers and retaining them for the long term

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The need for automated tools will become increasingly critical

• "It seems that the more data we have, the more we want".

• As data volumes increase, the need for pattern matching, simulation, and predictive analytics technologies become more crucial

• Engines that can automatically sift through the growing mass of data, identify issues or opportunities, and even take automated action to capitalize on those findings will be a necessity.

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Offer Personalization and Customization

• Business will increasingly try to bring on personalization and customization to both onsite and marketing creative.

• Taking on this challenge means that the retailer’s marketing department will need to collect meaningful information about what interest shoppers and organize separate, custom campaigns around those interests.

• Big data thus will become an important factor in creating a competitive advantage for intelligent business entities

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Summary

• Personalization and customization could be a significant competitive advantage in 2014.

• Big data made substantial progress in 2013, especially with respect to business stakeholder engagement in the topic.

• But we have yet to drive widespread adoption of big data, especially from a business transformation perspective. 2014 seems like the right time to make that happen.

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