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Reaping the benefits of Big Data and real time analytics
 

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    Reaping the benefits of Big Data and real time analytics Reaping the benefits of Big Data and real time analytics Presentation Transcript

    • E-Guide REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS ▲
    • PAG E 2 O F 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS he majority of enterprisesareeitherem- barkingoninitiativesrelatedtobigdataor intendtodosointhenearfuture;however, most IT organizations do not have an ar- ticulatedbigdatastrategythattiestechnologicalsolutionstobusi- nessgoalsandobjectives.ThisE-Guideexploreshoworganizations can embrace big data and real-time analytics to deliver immediate improvements in business performance and gain a competitive edge on rivals. T
    • PAG E 3 O F 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS BIG DATA ANALYTICS: ARE TODAY’S IT ORGANIZATIONS EQUIPPED TO REAP THE BENEFITS? George Philip Market-leading enterprises have been investing heavily in analytical appli- cations to derive competitive differentiation, market growth, revenue maxi- mization, cost optimization, and to address aspects like regulatory reporting requirements. They make thousands of decisions every day at different levels oftheorganizationwithdifferingdegreesofcomplexity,impact,frequencyand predictability. Typicaloperationaldecisionsarehighlystructured,repeatableandmadeat a higher frequency based on well-documented decision logic and a structured decision-making process. Due to this, the degree of automation of these pro- cesses tends to be high with the exception of human collaboration in decision making that is too complex to automate. Operational decisions individually havelowimpactontheoverallorganization;however,theycanhavesignificant impact if viewed collectively. Ontheotherhand,strategicdecisionstendtobehighlyinteractivebasedon
    • PAG E 4 O F 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS non-routine, unstructured and ad hoc analysis. Though higher-level decision processescouldbedefinedforsomeofthedecisionsofarepeatablenature,the degree of automation possible is low given the high degree of collaboration re- quiredamongthedecisionstakeholders.Thesestrategicdecisionstendtohave a low degree of repeatability and frequency, yet individually they have a high impact on the organization. Though these decisions tend to be made at differ- entlevelswithintheorganization,theyarehighlyinterconnected.Identifying, capturing, analyzing and managing these interconnections tend to be critical for overall decision-making effectiveness. It is because of these interconnections that organizations are beginning to look beyond standard business intelligence (BI) and reporting to take bet- ter advantage of emerging data sources, optimize business processes, gain deeperinsights,addresscomplexity,reduceregulatoryrisksandevaluatenew business scenarios in order to leverage competitive differentiation. While BI implementations are typically meant for tracking and managing business key performance indicators (KPIs), advanced analytics implementations provide more far-reaching organizational benefits. Typically, operational decision making is supported by descriptive and diagnostic analytics that tend to focus onthepastandpresentwhilestrategicdecisionmakingneedstobesupported
    • PAG E 5 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS with predictive and prescriptive analytics approaches that can look into the futuristic business aspects. NEW DATA SOURCES Traditionally, organizational transaction data with limited attributes tended to be the mainstay of business intelligence and advanced analytics. Today there are new, burgeoning sources of data available that can enrich limited organizational data with additional attributes that can describe an entity in a much more detailed manner. For example, it is now possible to enrich the information available about a customer from within the enterprise transac- tion systems with additional customer attributes that have been gleaned from external social engineering interactions, marketing interactions, customer service interactions, complaints interactions, maintenance interactions and othersimilarsourcestogivearicherpictureofthecustomerandhis/herinter- action with the enterprise. This enhanced understanding about the customer typicallyimprovesbehavioralmodelingcapabilities,resultinginbetterpredic- tion of organizational interventions and likely outcomes. This data increases the organizational ability to attract and retain more profitable customers who will improve both top line and bottom line growth.
    • PAG E 6 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS SHORTCOMINGS OF TRADITIONAL APPROACHES These new sources of data tend to be of much higher volume, velocity, variety and complexity and include unstructured text, weblogs, voice data, machinedataandothervarietyofnon-traditionaldatastructures.Traditional approaches for tackling these new big data sources tend to be inefficient, and organizations are gradually being forced into the adoption of relatively new data management approaches like Hadoop, HDFS, MapReduce, stream ana- lytics and related architectural constructs that can programmatically analyze these data structures for faster decision making. Major business opportunities for big data are not limited to decision mak- ingorincrementalimprovements.Bigdatacantransformthebusinessanddis- rupt the overall industry through asking and answering highly computational questions that were never possible before. This has the potential for radically changing existing business processes, and opening the door for the introduc- tionofnewprocesses,newproductsandservicesthatareaimedattheprover- bial “market of one” customer segments that were previously out of reach.
    • PAG E 7 O F 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS BIG DATA STRATEGY While line of business is highly enthused about the deeper business benefits foreseen from these additional information sources, most IT organizations today are facing a challenge in adopting big data concepts to augment their existing information management paradigm. Though most enterprises are ei- ther embarking on initiatives related to big data or intend to do so in the near future, most IT organizations do not have an articulated big data strategy that ties technological solutions to business goals and objectives. Many big data initiatives are originating from within business units, and this increases the pressure on IT organizations to get adequately prepared to support them. Low-cost big data processing solutions are permitting deploy- ment of such solutions at a much faster pace than previous technological ad- vances in this area. Many IT organizations also tend to primarily look at big datafromavolumeperspective.Volumebyitselfistransitoryinnaturewithad- vancing hardware architectures able to consume them at a faster pace; hence, morefocusneedstobeplacedonaddressingthevariety,velocityandcomplex- ityaspects.Businessbenefitstendtobehigherwhileaddressingtheseaspects. In this scenario, it is the right time for IT organizations to take the lead in developing an enterprise-wide big data strategy. One of the first steps in this
    • PAG E 8 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS journey is the evaluation and selection of all architectural and infrastructural componentstoensureabilitytoadequatelysupportanticipatedgrowthinvol- ume,velocity,varietyandcomplexityaspectsofdata.Datagovernance,policies andcontrolsneedtobeaugmentedtoensureallbigdatasourcesandusecases are adequately managed to prevent emerging business and regulatory risks. Because big data implementations require specific data management, quality, preparation and analytics skills, specific focus needs to be on obtaining these skills at the right time. Once a carefully planned enterprise-wide big data strategy is in place, the floodgatesofnewadvancedanalyticscapabilitiescanbeopenedtoleveragethe enhanced business value derived from these new data sources. GEORGE IS currently Vice President & Global Practice Head of Analytics & Information Management at Mindtree. George has decades of hands-on experience in architecting, managing and delivering analytics, business intelligence, information management, information governance, data warehousing, performance management, master data management, CDI, data quality and metadata management applications for large global clients across industries including telecom, banking, financial services, insurance, retail, technology, government, education, media, entertainment, manufacturing, electronics, and services. He is an active speaker at international conferences such as the Gartner BI Summit and plays an advisory role in various industry forums. George holds a post graduate diploma in business administration and a bachelor of technology in computer science.
    • PAG E 9 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS REAL-TIME ANALYTICS BRINGS BI DATA DIRECTLY INTO BUSINESS OPERATIONS Beth Stackpole Looking to generate immediate improvements in business performance and gainacompetitiveedgeonrivals,companiesincreasinglyaretryingtotakead- vantageofbusinessintelligenceandanalyticstoolsnotjusttogarnerstrategic insights,butalsotodriveoperationaldecisionmakinginrealornearrealtime. Real-time analytics -- or operational intelligence, as many prefer to call it --hasbeenheraldedasthenextlogicalprogressionforBIdeployments.Never- theless,consultantssayreal-timetools arestillintheearlystagesoftechnology maturityandthatimplementationsarefarmoreprevalentinlargercompanies with sizeable IT budgets and deep benches of BI and analytics professionals. "Simple kinds of real-time or near-real-time analytics are within the bud- get of virtually every company," said Roy Schulte, an analyst at Gartner Inc. in Stamford, Conn. As an example, he cited a business dashboard that gets refreshed every five minutes to monitor the volume of incoming customer callsreceivedatacorporatecontactcenter.But,Schulteadded,morepowerful
    • PAG E 10 O F 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS real-time analysis systems "can require hundreds of thousands of dollars in softwarelicensefeesandseveraltimesthatinstaffcoststodevelopanddeploy." Schulte said real-time BI technology gives business users or automated systems immediate access to operational data. The goal is to enable analytics applications to be applied to business processes that have limited time win- dows or require rapid reactions to events and changing conditions. SALES OFFERS ON THE SPOT WITH REAL-TIME TOOLS In that scenario, a real-time BI system might help a customer service repre- sentative make a cross-selling or up-selling offer to a customer based on his recent activity on the company's website or something said during the phone call. "Any large company has a number of applications in which their business processes would be smarter and more effective if they were using real-time analytics," Schulte contended. In fact, with the cost of processing power coming down and more tools be- coming available, it's going to become easier to make a business case for real- timeanalytics beyondthetraditionalusecasesincallcentersandfinancialand tradingapplications,saidJohnMyers,seniorBIanddatawarehousinganalyst atEnterpriseManagementAssociatesInc.,aresearchandconsultingcompany
    • PAG E 11 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS in Boulder, Colo. "With the barrier to entry lowering, it starts to open up a whole new realm of things people can do," he said. For example, a retailer could push real-time data analytics to the cash register level, according to Myers. In such an appli- cation,theanalyticssystemcouldserveupasimplealertthatwoulddirectthe cashiertomakespecificofferstocustomersbasedonwhattheywerebuyingas well as their previous purchases and risk scores assessing their payment and credit histories. Being able to make BI-driven decisions as events unfold can be especially important when customer satisfaction is at stake. "Companies used to be able to look at [key performance indicators] every three months to see how they weredoing,"saidJohnCrupi,chieftechnologyofficeratJackBeCorp.,avendor of real-timeanalytics softwareinChevyChase,Md."Now,ifthere'saproblem impactingcustomersandyoudon'tfindoutaboutitforafewweeks,youwon't have your customers for too long." REAL-TIME NOT ALWAYS THE RIGHT BI FIT Evenwithallitspotential, real-timebusinessintelligence andanalyticsiscer- tainlynotamatchforeverycompanyorevery BIbusinesscase.Organizations
    • PAG E 12 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS need to think through whether providing end users access to the most current data will actually change business outcomes and results -- or just flood them with more data to no great effect. "Noteveryinstancerequiresreal-timedata,"saidLyndsayWise,president andfounderofWiseAnalytics,aToronto-basedconsultancythatfocusesonBI and data visualization deployments in midmarket companies. "It depends not on how quickly you need the data, but what are you going to do with the data and where are the action points." An online retailer might benefit from using real-time analytics to help it betterservicecustomersormanageproductinventoriesmoreeffectively,Wise said. But giving business executives updated views of sales data in real or near real time isn't so useful if that information doesn't precipitate any immediate actionsontheirpart.Toproperlyassesstheneedforreal-timecapabilities,she added, organizations need to look closely "at the cause and effect" of proposed deployments. BETH STACKPOLE is a freelance writer who has been covering the intersection of technology and business for more than 25 years for a variety of publications and websites.
    • PAG E 13 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS FREE RESOURCES FOR TECHNOLOGY PROFESSIONALS TechTarget publishes targeted technology media that address yourneedforinformationandresourcesforresearchingprod- ucts, developing strategy and making cost-effective purchase decisions. Our network of technology-specific Web sites gives youaccesstoindustryexperts,independentcontentandanaly- sis and the Web’s largest library of vendor-provided white pa- pers, webcasts, podcasts, videos, virtual trade shows, research reports and more —drawing on the rich R&D resources of technology providers to address market trends, challenges and solutions. Our live events and virtual seminars give you ac- cess to vendor neutral, expert commentary and advice on the issues and challenges you face daily. Our social community IT Knowledge Exchange allows you to share real world information in real time with peers and experts. WHAT MAKES TECHTARGET UNIQUE? TechTarget is squarely focused on the enterprise IT space. Our team of editors and net- workofindustryexpertsprovidetherichest,mostrelevantcontenttoITprofessionalsand management. We leverage the immediacy of the Web, the networking and face-to-face op- portunitiesofeventsandvirtualevents,andtheabilitytointeractwithpeers—alltocreate compellingandactionableinformationforenterpriseITprofessionalsacrossallindustries and markets.
    • PAG E 14 OF 14 SPONSORED BY Home Big Data Analytics: Are Today’s IT Orga- nizations Equipped to Reap the Benefits? Real-time analyt- ics brings BI data directly into business operations REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS RELATED TECHTARGET WEBSITES