In the Internet of Everything world … New services, unobtrusively pushed to the customer, will bring a truly customized, personalized, and streamlined experience that is not only more productive, but more enjoyable - and will be delivered by companies and organizations that have improved their costs and productivity.
In the Internet of Everything world, everything can be connected to the Internet. Connections are any time, any place with any thing and anyone, ideally using any path and any service.
Objects can be connected to the Internet, and exchange information with each other. By allowing everything to be interconnected, we enable: Recognition Localization, Sensing & Control, and Management
Every company is a digital company - done
Businesses are looking for risk avoidance, efficiency and cost savings, and ways to develop new services and business models.
Business get data from a variety of applications and sources. They can Read what people are writing (text data)
Hear what people are saying (voice analytics)
Monitor activities on media (digital analytics)
See things from the sky (geospatial data)
Determine where people are (geo-location data)
Monitor movement - people, vehicles etc. (visual data)
Not only will these 50B devices produce a lot of data, it is of different types, captured at different rates, by devices from different vendors, made to completely different original requirements. Carrying on the previous smart city example of improving traffic flow, information has to be extracted and aggregated from devices ranging from vehicle speed sensors to environmental rainfall sensors, which were never intended to be part of the same collaborating ecosystem.
This data needs to be aggregated, potentially analysed, and presented in the correct context, that adds meaning and governs access at the point of use. A secure digital platform is needed that can manage the large amount of different in-bound data but then, importantly, present it in the right context to the relevant industry client, via relevant industry-relevant APIs.
At Accenture, we help clients focus on driving from issues to outcomes. You may have seen our Journey to Analytics ROI framework … I discussed it a bit when I was here a year ago. It helps focus discussions on what issues organizations are facing and what business outcomes they seek to achieve. We move from big data, apply analytics to gain insights and then move to action to create big outcomes.
Let’s take a look at what organizations are doing with big data today.
This survey was designed to understand perceptions of and experience with big data. For this reason, only respondents from companies that had completed a big data installation were included in the survey.
To focus the survey on users of big data, more than 4,300 targets were screened; 39% were dropped from the study because they had not completed a big data installation. Among the 61% who did, more than half did not meet demographic criteria. In total, 1,007 completed the survey.
94% Actual users who are fully satisfied with their business outcomes (vs 92% globally)
100% Actual users who report that their implementation is meeting their needs (vs 94% globally)
84% Actual users who believe big data will revolutionize operations the same way the Internet did (vs 89% globally)
98% Actual users who believe big data is very important to their transformation into digital (vs 89% globally)
(Additional Finding) Most companies agree that big data is provides a significant source of value (76% India vs 82% overall) and is changing the way businesses operate (75% India vs 81% globally)
Organizations perceive big data to be critical for a wide spectrum of strategic corporate goals, from new revenue generation and new market development to enhancing the customer experience and improving enterprise-wide performance.
Most adopt big data to maintain competitiveness (67% India vs 58% globally) Nearly half of respondents (41% India vs 48% globally) are in companies leveraging big data either enterprise-wide or as a competitive advantage
Romanced by the promise of emerging technologies, users imagine big data implementations will be easy, then encounter complex customization and challenges from security to budget.
Although big data meets the needs of companies, it requires extensive customization and significant change;nearly three-fourths in India (73% India vs 62% globally) had no idea how difficult it would be to implement big data
Security and budget are the main challenges in implementing big data; India respondents were more likely to cite challenges with talent, procurement and enterprise readiness and less likely to experience challenges with system integration
For most, a big data implementation comes with challenges such as locating or training skilled resources (55% India vs 43% globally) and technology integration (53% India vs 42% globally)
Main challenges: Security (59% India vs 51% globally) Budget (49% India vs 47% globally) Talent (53% India vs 41% globally) Training, workshops and research are used to address the challenges
Big data is expected to have the biggest impact on customer relations (78% India vs 63% globally), making the business more data focused (59% India vs 48% overall) and operations (57% India vs 56% overall); product development is a distant fourth in India(43% India vs 58% overall)
Respondents were asked to rank the top three impacts to their organization over the next five years. In India, companies are looking at impacting customer relationships, becoming more data-focused, and improving operations.
In contrast to the global numbers, product development was noted by fewer than half of organizations in India as a focus in the next five years.
Paving the Way: Gaining Insights from the Leaders
There is much to learn from the high performers that have tackled these challenges and turned them into opportunities—and as much to learn from those that were not able to achieve the results. But what separates the high performers from the low performers?
Accenture Analytics recently conducted three studies to draw insights from leading organizations around the world, and to learn more about their journeys.
Our goal was to understand what makes a high performance organization, and gain insights into how they achieve the business outcomes from their investments in analytics and big data, and how they plan to move to the phase in their journey to ROI. The companies we interviewed provided a good benchmark of big data and analytics activity today, as well as a view into how the market is evolving in the digital arena.
We found that high performers set their sights on business outcomes, and are more likely to achieve them through three seemingly simple approaches.
Think Big. High performers think big: bigger investments with a focus on creating a culture of analytics in their organization; and bigger thinking when thinking big data. They use a wide variety of data sources and have a broader awareness of what big data is and how it can be used. Overall, companies are embracing analytics and investing at various levels, but how they invest is the key to high performance. The gap is widening between high performers and low performers, which means it will be harder than ever for low performers to catch up.
Focus on Talent. Talent powers the analytics machine. High performers use a multi-pronged talent sourcing strategy, managing and developing the talent they have well, and show a willingness to go outside the organization to secure talent wherever they can find it. Moreover, the most successful companies demonstrate their commitment to analytics with concrete organizational moves: a centralized analytics function and analytics leadership at the C-level.
Drive Informed Decisions. High performers in analytics are fact-based and outcome-focused. They obsess about outcomes and ultimately invest smarter. Yet the best decision-making comes from blending data with judgment. Empowering the people—not just data scientists but everyone in the organization—with the business acumen and the right data at the right time to drive decisions is critical.
If you’re interested in learning more about big data analytics in action, please see us at our booth today where we have demos on connected devices, Network Analytics and Smart Water, among others. We’ll have more information on our “Big Success with Big Data” research available there too.
NASSCOM Big Data and Analytics Summit 2014 - Competing with analytics in the connected world - Michael Svilar, Accenture
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Global Advanced Analytics Lead
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