Big Data Analytics in 2014
-
Upload
sagar-patil -
Category
Marketing
-
view
356 -
download
1
Transcript of Big Data Analytics in 2014
Why adoption of Big Data Analytics is important more than ever in 2014?
www.ken
scio.com
By Sagar Patil (Product Head @ Kenscio)
Big Data
• Huge amount of data exist in Digital Universe today
• Managing huge database that can generate only contextual and relevant data are impossible to do in traditional way
• Poor data management leads to huge costs
• Only Automated tools can help in condensing huge data that can deliver informative results
Taming Big Data
• According to report, 2.7 Zetabytes of data exist in the digital universe today
• Facebook stores, accesses, and analyzes 30+ Petabytes of user generated data
• The rapid growth of unstructured data like YouTube users uploading 48 hours of new videoevery minute
• Poor data across businesses and the government costs the U.S. economy $3.1 trillion dollars a year
Key Facts about Big Data:
• Despite industry hype, most organizations are yet to develop, implement or execute a Big Data strategy
• A survey found that 12 percent of organizations are currently implementing or executing a big data strategy while 40% of them are still considering / exploringBig Data.
4
12%
5%
11%
40%
23%
9%
Big Data Adoption Stage Distribution
Implementing/Executing
Testing
Planning
Considering/Exploring
Not Considering
Don’t Know
Fig 1 (Source - sas.com): Which of the following best describes your organization’s stage in using
external big data to help make business decisions?
Capturing and Storing Is Only the Beginning
• Only storing and capturing big data do not make it valuable
• Additional tools are needed to explore and analyze it
• It’s all about “not knowing what you don’t know.”
5
Making Big Data Relevant for Business Orders:
• To harness that power, organizations must hire data scientists, craft complex algorithms, and make massive investments in infrastructure and software
• Data’s value can be unleashed for business users by condensing it and intelligently presenting only what is relevant and contextualto the problem at hand.
• Analytical experts have got bigger role to play for business growth
6
More analytics, fewer Gut feelings
• Ecommerce companies will grow increasingly by focusing on data and willing to apply analytics-derived insights to key business operations
• Intuitive decision-making will diminish somewhat as companies infuse analytics into everything that customer touch
• Data analytics will be the driver for capturing more customers, upselling to existing customers and retaining them for the long term
7
The need for automated tools will become increasingly critical
• "It seems that the more data we have, the more we want".
• As data volumes increase, the need for pattern matching, simulation, and predictive analytics technologies become more crucial
• Engines that can automatically sift through the growing mass of data, identify issues or opportunities, and even take automated action to capitalize on those findings will be a necessity.
8
Offer Personalization and Customization
• Business will increasingly try to bring on personalization and customization to both onsite and marketing creative.
• Taking on this challenge means that the retailer’s marketing department will need to collect meaningful information about what interest shoppers and organize separate, custom campaigns around those interests.
• Big data thus will become an important factor in creating a competitive advantage for intelligent business entities
9
Summary
• Personalization and customization could be a significant competitive advantage in 2014.
• Big data made substantial progress in 2013, especially with respect to business stakeholder engagement in the topic.
• But we have yet to drive widespread adoption of big data, especially from a business transformation perspective. 2014 seems like the right time to make that happen.
10