preview

Business Intelligence and Big Data

explanatory Essay
1543 words
1543 words
bookmark

Table of Contents What is Big Data? 3 How is it adding value to organizations? 3 Importance of value chain in Big Data 4 Current Trends in Big Data across the Globe and in India 4 Growing Data: 5 Growth by Region 6 Service Providers for Big Data 8 Growth Prospects in Big Data 9 How is the Big Data useful for Industries 10 Measuring Value of Big Data 14 Key Challenges in Big Data 14 What is Big Data? According to Forbes – Big Data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis. According to Gartner – Big Data is defined as high volume, velocity and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making. According to IBM – Big Data is more than simply a matter of size; it is an opportunity to find insights in new and emerging types of data and content, to make your business more agile, and to answer questions that were previously considered beyond reach. According to Mckinsey – Big Data refers to data sets whose size is beyond the ability of typical database software tools to capture, store, manage and analyse. How is it adding value to organizations? Organizations are beginning to use Big Data to gain competitive advantage by enhancing business, predict consumer and buying behaviour and reducing cost by optimizing the operational processes. As opposed to more traditional business intelligence systems, Big Data techniques allow institutions to analyse data for patterns more quickly and at a much lower cost. More accurate analysis leads to more confident decision making which leads to greater operational efficiencies, ... ... middle of paper ... ...o analyze sales trends to keep its manufacturing efficient. Benefits of Big Data: a. To detect product defects and boost quality b. To improve supply planning c. Better detection of defects Measuring Value of Big Data Measuring the value of Big Data initiatives keeps the organizations focused and aligned with the needs of the enterprise. Without objective driven approach, organization may end up spending more than expected to achieve desired goals. Key Challenges in Big Data We can classify the challenges in three key strategic and operational areas: 1. Information Strategy a. Analyze which investments will deliver the most business value and ROI. b. By 2015, Gartner predicts that 4.4 million jobs will be created around big data. There will be shortage of skilled resources. 2. Data Analytics 3. Enterprise Information Management

In this essay, the author

  • Explains that organizations create enormous amounts of data, but lack the ability to process the data real-time, so they can't predict and respond to the changing needs of the market.
  • Explains that the exponential increase of big data ‘news headlines’ from 2012 gives ample justification for the trend.
  • Explains that data is growing at a 40% cagr and will reach 40 zetta bytes by 2020.
  • Estimates future data production will be 7 times in 2020 compared to 2014.
  • Explains emerging markets are focusing on investing in big data technologies and extracting insights to get inroads in the market.
  • Explains that more than 50% of analytics companies are it/ites based followed by consulting, research and media & advertising.
  • Describes wipro technologies' 4 key factors which drive the growth of big data.
  • Explains the increasing availability of data, including semi-structured and unstructure, through social media, blogs, etc., which can be analysed for inferences.
  • Explains that the economic recession forced companies to have closer look at the operational cost and cost optimization in all aspects of the business. big data analytics will help companies optimize cost by taking informed decisions.
  • Explains that the availability of newer and better mobile devices and other data capture devices has benefited organizations to get real-time data of consumers.
  • Explains how big data analytics is transforming industries. according to gartner, 64% of the organizations have deployed or launched a big data initiative in 2013.
  • Describes the benefits of using big data.
  • Explains how hdfc bank collects cash withdrawal patterns, credit card usage, search preferences, and customized plans for savings, insurance and home loan products.
  • Explains that retailers need to use big data analysis to increase revenue and operate more efficiently.
  • Explains how to reduce costs and increase efficiency of the supply chain by aligning order, production, and delivery schedules to consumer demand.
  • Explains that communications service providers (csps) are investing in big data to gather actionable insights.
  • Recommends developing meaningful customer segmentation for better sales and support effectiveness.
  • Explains that vodafone india generates petabytes of data from 23 different circles and uses big data to improve decision cycle times to respond to business and customer queries.
  • Explains that the company's adoption of analytics has enabled its shift to lean manufacturing, determining which products and processes should be scrapped. big data investments analyze sales trends to keep manufacturing efficient.
  • Opines that measuring the value of big data initiatives keeps organizations focused and aligned with the needs of the enterprise. without an objective driven approach, organizations may end up spending more than expected to achieve desired goals.
  • Opines that gartner predicts that 4.4 million jobs will be created around big data by 2015.
  • Explains that big data is a collection of data from traditional and digital sources inside and outside your company. according to gartner, it requires cost-effective, innovative forms of information processing for enhanced insight and decision making.
  • Explains that organizations are beginning to use big data to gain competitive advantage by enhancing business, predicting consumer and buying behaviour, and reducing cost by optimizing the operational processes.
  • Forecasts the global big data market to grow at a cagr of 34.17 percent over the period 2013-2018.
  • Explains that sas, ibm, and statsoft are the leaders in the big data implementation space. the indian analytics market is $375 million and is expected to grow to $1.5 billion by 2015.
  • Explains how big data can help automakers maximize profitability and revenue in the demanding market where customers are more educated.
  • Explains how the economic downturn, new competitive challenges and demographic shifts are all provoking many changes in the insurance business.
Get Access