Data is at the core of every transaction. It can be sliced and diced or drilled down to indicate the health of the enterprise or the market. As data becomes huge due to the bytes streaming from disparate sources, it becomes a treasure trove of information. This information cache can be channelized to derive data-driven solutions and products. Voluminous data gives numerous data points, which can be analyzed, correlated, and interpreted. These correlations spawn many insights which are not visible to plain eyes. Data endows a business with the omniscience to discover hidden facts and omnipresence to remotely monitor the operations. The intelligence, which this data can provide about an enterprise or the market, is phenomenal.
Today, businesses are creating revenue streams by utilizing their legacy data as well as streaming data. Big Data is by and large proving to be a harbinger of change towards global data-driven economies. This vast potential needs to be harnessed to increase productivity and improve operational efficiency of a business. Unlock the potential of Big Data with Analytics: As the market continues to experience head winds, enterprises tend to invest in Digital technology that makes best use of available organizational assets. To derive true value from technology, a complete understanding of the underlying business processes is quintessential. The effort that goes in streamlining of processes and the business process management involved is the building block for effectively harnessing huge data sets. However, this data gains importance only when Analytics comes in picture. For implementing Analytics, a thorough duediligence of the enterprise business processes is required. By targeting the areas that the enterprise needs to overhaul, they can reap a high RoI from business areas that need to be leveraged.
Today, Big Data Analytics is assuming new dimensions as it is increasingly getting homogenized with Exponential Technologies, such as Artificial Intelligence (AI) and Cognitive Systems (CS). Reinvent your business by blending Big Data with AI and CS: As early as 2025, the world will witness $30.00 trillion worth of business disruption due to Digital technologies. Enterprises will continuously reinvent themselves with the help of new business models and the surge received from technology tailwinds to stay competitive. Today, Artificial Intelligence and Cognitive Systems have already penetrated the market in an endeavor to make the ‘Analytics world’ highly autonomous.
In my view, the technology blend is that super-intuitive combination that can suavely detect anomalies, business insights, and opportunities with equal ease in real-time or with minimum latency. Today there are huge amounts of data received from diverse sources, such as sensors, smart meters, smart phones, smart devices, high end industrial machines, social media, etc. The aforementioned technology combination helps to discover deep, predictive insights from these fast changing and voluminous data sets. It surpasses traditional methods in terms of speed, scale, and accuracy. The potency is high enough to detect potential fraud in financial and banking transactions by correlating historical and streaming data. The combination is highly powerful to detect and send alerts for probable breakdown of heavy industrial machinery much before the occurrence of the actual event.
Improve Business Productivity with Big Data: The value of data surfaces when it is processed to derive intelligence. Data passes through multiple layers of processing to find co-relations and insights by using Artificial Intelligence and Genetic Algorithms. The accelerated form of deep learning that is achieved by correlating data from multiple sources is invaluable. The outcome is used in the form of products or services. The resulting intelligence is also deployed in a variety of scenarios to enhance customer experience, increase productivity, and improve operational efficiency. The intelligence proves instrumental in driving new revenue streams, stepping up time-to-market, and gaining competitive advantage. The insights also grant a phenomenal success and position of advantage by helping understand customer behavior and direct the marketing campaigns.
Big Data landscape in the near future: As ecosystems mature, the societal requirements change demanding huge investment in terms of technology and efforts. The task of deriving intelligence from streaming data while correlating it with static data is a challenge. Making huge data sets actionable is an extraordinary feat made possible through Exponential technologies. A recent study shows that by 2025, the enterprise technology spend will escalate to the order of $4.00 trillion. In the near future, demand for Analysts with deep analytical skills will be more than the market availability.
Data Science and deep domain expertise will be the most sought after skill sets and will drive the Big Data Analytics scene for businesses. Businesses will tend to become data companies and will try to derive value and revenue from data. By utilizing their data recesses, they will gain huge productivity benefits as compared to companies who don’t. As data becomes huge in both static and streaming modes, we are going to witness a very thin line between Big Data Analytics and Cognitive technologies.
These technologies are already in use in some industries. Real-time streaming analytics will be widely used to make faster and more informed decisions. To make this voluminous ‘fast data’ actionable will be the prime concern, and hence businesses will need to re-model their data collation strategies going forward. Businesses will need to focus on being lean and agile and flourish in symbiotic ecosystems by engaging relevant technology partners. CIOs of fast growing enterprises will need to take cue from international market trends and drive the data culture in their organizations to stay competitive. Data-driven economies will surely become the new normal across the globe.
Comments