Today the term “Big Data” is ubiquitous and yet the notion stimulates disorientation.
Just like the whale shark (Large and Complex), big data analytics is a slow-moving feeding system and the largest extant specie in the IT Space. The specie yet not very well understood by all but few have mastered the anatomy already.
The primary goal of big data analytics is to help companies in better decision making based on substantial, sizable and tangible facts and figures. Enabling them to analyze huge volumes of transaction data as well as other data sources that may be left untapped by conventional business intelligence programs. These other data sources may include Web server logs and Internet clickstream data, social media activity reports, mobile-phone call detail records, information captured by sensors, consumer buying and selling patterns etc.
Big Data is set to grow in the Indian Enterprise in 2013. According to State of the Indian CIO Survey, 40 percent of Indian IT leaders plan to implement big data analytics over the course of this year—while 16 percent say they are already in the process of implementing it. NASSCOM expects the country’s big data industry to grow from US$200 million in 2012 to US$1 billion in 2015.
Potential business outcomes that can be realized though big data analytics e.g. real time personalized customer engagement, better operational efficiencies in telecom & utility networks, mitigating fraud/ risks, smarter city management, intelligent healthcare delivery, etc. are accompanied by pitfalls that can trip up organizations on big data analytics initiatives including lack of internal analytics skills, high cost of hiring experienced analytics professionals, challenges in integrating Hadoop systems/ data warehouses and capturing, curation, storage, sharing, transfer, analysis, visualization and security & privacy issues of data.
Not only this, a clear focus on value proposition for Analytics Service Providers & Academicians is a must. What analytical capabilities are required to build the requisite competitive advantage & meet industry demand, Optimize investments, building right capabilities, hiring/retaining talent and gear them for the big wave of demand for analytics professionals & data scientists.
To better understand, disentangle the complications, overcome the challenges and implement big data analytics in your business with a difference, Join us at the NASSCOM Big Data and Analytics Summit 2013 in Hyderabad on June 27, 2013.
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It’s time we catch the Big Fish!