I find myself on the same shoes with other tech-bloggers who iterate that Big Data and Cloud Computing will be the game-changer or can say the disruptors for tech and business ecosystem.
The emergence of more and more data and curating the data to consolidate the profit levels of businesses will be the paradigm shift.
A sheer competitive-edge will spur the marketing teams to deploy the right technology to safeguard their data houses.
The Ubiquitous Data will Get Big Backing
Perennial investment in data and analytics technology will witness incremental improvement in 2016, the Forrester predictions report stated. The report further reckons firms with chief data officers will generally do better, while data monetization efforts will meet with only limited success.
Big data is known to considerably change the way businesses compete and operate. Companies that invest in and successfully derive value from their data will have a distinct advantage over their competitors — a performance gap that will continue to grow as more relevant data is generated, emerging technologies and digital channels offer better acquisition and delivery mechanisms, and the technologies that enable faster, easier data analysis continue to develop.
In an opinion based article earlier I did with Anil Chawla, Managing Director, EIS, Verint Systems tipped on the point that The Big Data analytics and related technology market is predicted by IDC to grow at a 26.4% compound annual growth rate to $41.5 billion through 2018. In fact by 2020 IDC believes that analytics will be one of the key drivers for the economic growth of any nation worldwide. This huge opportunity brings in the need for new tools, solutions, frameworks, hardware, software and services to make the most of it.
Big Data Gets Cheaper and Handy
As data gets available through different technological utilities like smartphone, social networking, etc the raft of data becomes more eminent to analytics and special-purpose programming language.
Primarily, Big Data use to be the technology for the biggies or we can say well-resourced companies who had dedicated budgets for new things to experiment and execute. As the Big Data has proven its potential every small firm also wants to try hands to innovatively utilize the Big Data cutting down the economics behind the nascent technology.
Now it’s estimated that the technology to see a huge downslide to its price as the analytics gets available for a layman too. The technology has been on the verge of revolution and the coming year might be the pinnacle time for the sophistication of data analytics.
I got the opportunity to get along with Teradata India MD, Sunil Jose, through which he shared some exciting facts on the this very burning topic. He said, “It is very encouraging to see how companies across the globe are positively evaluating and adopting big data analytics and related technologies. We’re also seeing a growing demand for big data analytics from a diverse mix of Indian enterprises especially industries like banking, telecommunications, retail and ecommerce as they realise the direct correlation the same has on their immediate and long term business objectives – in terms of driving impact across the value chain and impacting both, bottom line and top line growth.” He further added that “Big Data has now emerged as an important board room discussion topic and something that CEOs are increasingly relying on to stay ahead in the race.”
Know you Data and Analyse to make it Big
There were days when one used to drop into a nearby A/V geek to bag a movie on rent. The rental agent would base their recommendations on which movies the customer said they liked and a large amount of their own opinion. Today, movie rental companies and content delivery services can utilize a vast array of data points to generate recommendations. By analyzing what was viewed, when, on what device (and even whether the content was fast forwarded, rewound or paused), as well as user activities such as internet searches, and browsing and scrolling within a webpage, recommendations can be tailored for millions of customers in real time and approximately 75% of views at a leading provider are now driven by these recommendations.
Customer-facing companies have long used data to segment and target customers. Big data permits a major step beyond what until recently was considered state of the art, by making real-time personalization possible. A next-generation retailer will be able to track the behavior of individual customers from Internet click streams, update their preferences, and model their likely behavior in real time. They will then be able to recognize when customers are nearing a purchase decision and nudge the transaction to completion by bundling preferred products, offered with reward program savings.
Big data is spawning new categories of companies that embrace information-driven business models. Many of these businesses play intermediary roles in value chains where they find themselves generating valuable “exhaust data” produced by business transactions.