December | 2013
The buzz around Big Data and Analytics seems to be growing exponentially. The concept of Big Data and Analytics appears to have captured the imagination of practically everyone across enterprises. It is indeed interesting to see why data and analytics are under the spotlight and the implications they have on the business.
One reason we are hearing more about data is that there is more of it around (for drivers of the trend see ‘Piecing Together the Drivers of Big Data and Analytics’ below).
Piecing Together the drivers of Big data and Analytics
We are experiencing a deluge of structured, semi-structured and unstructured data. Joining conventional enterprise data sources such as market data, Customer Relationship Management (CRM), Supply Chain Management (SCM) and Human Capital Management (HCM) is data from sensors on oil rigs, aircraft, medical equipment, etc. As if that were not enough, network logs, traffic monitoring systems, video cameras in stores and public places, GPS devices and online click streams, mobile chatter and social media interaction and even seemingly ordinary objects like washing machines and set top boxes are throwing up valuable data.
This data is being shipped in real time to locations, where it is worked upon, using wireless networks that are growing in capacity and capability. Almost magically, the data is being turned into exceptionally insightful intelligence which is effectively being utilized by enterprises in ways that are making them leap over the competition. To substantiate this observation, researchers at MIT have reported that organizations using data and analytics show productivity rates and profitability improvements that are 5-6% higher than those of their peersi
But the big shift that is happening is with regards to the pervasiveness with which the technologies surrounding Big Data and Analytics are being used. President Obama hired over 50 analytics experts and data scientists to shape a campaign that would induce voters to select him; 41+ million data points were analyzed at Wimbledon to identify playing patterns and styles to predict, before each match, what players need to do to win; McLaren engineers are analyzing real-time telemetry data sent by 160 sensors on their Formula 1 cars to reach decisions that help their teams stay at the rewarding pole position. The technology has the potential to even predict street crime, traffic jams, and major footfall at retail checkouts.
Sooner, rather than later, businesses are going to sit down and take a hard look at their approach to Big Data and Analytics. What is it they must consider when crafting their strategy? Regardless of business size, I believe there are four fundamentals a business must consider:
There is no doubt about the future role of Big Data and Analytics. In fact, the future is already here! If you don’t have a Big Data and Analytics strategy in place, you may find competition rapidly racing past you.
P. Srinivasa Rao (PSR) is the Vice President & Global Business Head for Analytics and Information Management (A & IM) focusing on Banking, Insurance, Securities, Retail, CPG, Transportation, and Government customers.
A&IM helps customers derive valuable insights out of integrated information by bringing together the combined expertise of Analytics, Business Intelligence, Performance Management and Information Management. The group provides consulting, business centric and technology specific analytical solutions and data management frameworks developed through a complete ecosystem of partners, focusing on industry specific analytics, optimization and operations analytics, Enterprise Data Warehouse, MDM, Data quality and data life cycle management.
PSR has 20+ years of experience in IT industry, and is one of the founding members of Business Intelligence and Data warehouse practice in Wipro. He has authored many white papers on Business Intelligence and received several recognitions for his contribution to business growth at Wipro such as CEO?s letter of appreciation, difference in action, best people manager.
He holds Post Graduate Diploma in Software Enterprise Management from Indian Institute of Management, Bangalore, M.Tech from the Indian Institute of Technology, Delhi, and Bachelor?s in Electrical Engineering from Osmania University.
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© 2021 Wipro Limited |
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