Big Data Analytics in 2014


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Big Data Analytics in 2014

  1. 1. www.ken Why adoption of Big Data Analytics is important more than ever in 2014? By Sagar Patil (Product Head @ Kenscio)
  2. 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. 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. 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 - Which of the following best describes your organization’s stage in using external big data to help make business decisions?
  5. 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. 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. 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. 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. 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. 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
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