June | 2015
Forty years ago, very few businesses developed “well-thought-out” strategy plans, let alone using Business Intelligence (BI) for informed decision making.1 Decisions were taken based on the experience of decision maker(s) and intuition – gut feeling. Today, even smallest of the companies use some form of BI in strategic planning. According to a Gartner report, by 2017, most business users and analysts in organizations will have access to business intelligence and analytics.2 However, according to another Gartner report, 30 percent of organizations who have invested in big data, only eight percent have taken it into production.3 Some of the reasons include:
The quantum and variety of data being generated is growing exponentially every day. For example, the telescope installed at New Mexico, under the project Sloan Digital Sky Survey, collected more than 140 terabytes of information in a decade. Its successor, the Large Synoptic Survey Telescope scheduled to come online in 2016, in Chile, will gather that much of data every week. However, only 0.5 percent of total data generated is being analyzed, as mentioned in an IDC report.4 About 96 percent of the zettabytes of data produced is locked behind firewalls of corporates.5
Scary. Right?
To wade through such an ocean of data, organizations need a platform that can process huge amounts of data on a real time basis and provide meaningful insights simultaneously. They need tools that will leverage data and analytics for decision making at speed and scale. This will help determine new products and services to be developed and launched in the market at a pace that is faster than competition. Some of the characteristics of such a platform include:
What do you think? Share your views with me.
Nitesh Kumar Jain Nitesh has more than 17 years of experience in spearheading different areas of technology led transformations. He has been leading the practice and business portfolios in the areas of analytics, BI, Trade promotions,FOREIGN EXCHANGE TRADING solutions and corporate performance management practices at Wipro and other leading organizations. He is actively engaged in the field of consulting, business analytics, performance management, data warehousing and implementing strategic analytical solutions for Retail, CPG, Manufacturing, Healthcare, Medical devices and Banking/Financial Services domains. In his career spanning 17 years, he has helped various leading retailers, Manufacturing Companies and Banks implement strategic analytics driven initiatives.
Nitesh holds a Master's in Business Administration from Pune University and has a Bachelor’s degree in Mathematics.
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