Big Data Analytics in 2014

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  • 1. www.ken scio.com Why adoption of Big Data Analytics is important more than ever in 2014? By Sagar Patil (Product Head @ Kenscio)
  • 2. 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
  • 3. 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 video every minute • Poor data across businesses and the government costs the U.S. economy $3.1 trillion dollars a year
  • 4. 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 / exploring Big Data. 4 Big Data Adoption Stage Distribution 9% 12% 5% 23% 11% Implementing/Executing Testing Planning Considering/Exploring 40% 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?
  • 5. 5 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.”
  • 6. 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 contextual to the problem at hand. • Analytical experts have got bigger role to play for business growth 6
  • 7. 7 More analytics, fewer Gut feelings • Ecommerce companies will grow increasingly by focusing on data and willing to apply analyticsderived 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
  • 8. 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
  • 9. 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
  • 10. 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