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Trends in Big Data & Business Challenges

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Join our #DataTalk on Thursdays at 5 p.m. ET. This week, we tweeted with Sushil Pramanick – who is the founder and president of the The Big Data Institute (TBDI).

You can learn about upcoming chats and see the archive of past big data tweetchats here
http://www.experian.com/blogs/news/about/datadriven

Published in: Data & Analytics
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Trends in Big Data & Business Challenges

  1. #DataTalkTrends in Big Data & Challenges LIVE TWEETCHAT
  2. Join our #DataTalk on Thursdays at 5 p.m. ET We recently tweeted with Sushil Pramanick, the founder and president of The Big Data Institute. Check out all tweets from this Twitter chat: ex.pn/data-trends
  3. Has your definition of big data changed over the years?
  4. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Technology has evolved rapidly and will continue. Businesses will need to use it as an enabler to a new and changing business model. #DataTalk ex.pn/datatalk
  5. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Big data analytics will join forces with AI and impact our daily lives for better with smarter, self-learning and AI devices. #DataTalk ex.pn/datatalk
  6. What challenges do businesses face when it comes to big data?
  7. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Identifying right skills and most important where to look for that golden nugget. #DataTalk ex.pn/datatalk
  8. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Finding the right data, right time and right skill and partner. #DataTalk ex.pn/datatalk
  9. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker UseCase identification with measurable business outcomes driving innovative products, solutions, services, and business models. #DataTalk ex.pn/datatalk
  10. What steps can companies take to overcome big data challenges?
  11. Engage business early and have business led analytics projects that can be tied to business outcome. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  12. Analytics has to be a business led or driven initiative and NOT a technology adventure or a side project. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  13. Build skills in-house by leveraging internal domain expertise. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  14. Retool existing resources and build high performing team in house. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  15. Companies are lost in collecting data and storing data instead of analyzing data. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  16. Spend 80% analyzing data instead of 20% analyzing (flip the 80:20 rule). ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
  17. As big data gets bigger, how should businesses plan for the future?
  18. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk The definition of ‘future’ varies by industry and is shortening with fast evolution of technology.
  19. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Technology is getting outdated in 2 years unlike over a span of 10 years about a decade back.
  20. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Businesses need to plan according to specific industry needs and technology will enable it.
  21. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Be an innovator or the first is the key to being a leader.
  22. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk More and more data will be produced. 90% of world data is produced in last 2 years. Finding insight is key.
  23. What does a business need to get right about big data?
  24. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Many organizations focus more on collecting and storing data rather than analyzing data.
  25. Mike Gross @MyGrossLife ex.pn/datatalk #DataTalk Garbage-in, garbage out. Data quality is imperative to maximize big data value.
  26. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Organizations need to engage right skills and consulting help instead of leveraging only internal knowledge.
  27. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Focusing on data quality to the nth degree to get 100% accuracy is not a valid approach as it is a diminishing return.
  28. How has big data changed the way that a consumer-facing organization does business?
  29. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Today with Cloud, infrastructure set up is reduced to days from weeks and months.
  30. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker The big data analytics has made possible for consumer facing organization to provide personalized services and products.
  31. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Every customer or consumer can get unique treatment from healthcare, medicine/drugs to personalized services.
  32. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker The marketing campaigns has become targeted based on individual consumer profile, social behavior and prior experience.
  33. What big data trends are you noticing right now?
  34. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Internet of Things is the immediate one with connected devices, connected cars, wearable gadgets, smart sensors, and so on.
  35. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker How we buy things, what we watch, what we eat and drive, how we sleep will all get impacted by personalized products.
  36. What can companies do to take advantage of any of those trends?
  37. #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk Data is the new oil! Leverage data to predict future. Raise your analytics maturity to predictive to prescriptive.
  38. #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk Mission measurement, changing the way organizations invest in philanthropic causes to forecast social impact program outcome.
  39. Any final tips for businesses working in big data and analytics?
  40. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Don’t wait for others to make the leap till it becomes too late for you. Crawl, Walk and Run.
  41. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Big or small, you need to board the ship! Fortune 500 firms in 1955 vs 2014; 89% are gone.
  42. Join our #DataTalk on Twitter on Thursdays at 5 p.m. ET. experian.com/datatalk

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