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Four high value use cases for Big Data, are you doing it right?

Four high value use cases for Big Data, are you doing it right?

With the ever increasing digitization, organizations are accumulating terabytes of data annually. Presently, most of this unstructured data goes unused, though it is being retained for regulatory purposes. However, the current trend of data analytic suggests that know-how of Big Data can work in favor of enterprises in the long run.

high value use cases for Big Data

Big Data will play a significant role in the enterprises; but one question that surrounds authority of big data analytics is how it can actually be used to add value.

Few managers have mastered the tact of making decisions based on data analytics, something they would do based on their gut feeling until just a couple of years back. But since the influx of data is such that tradition data management systems cannot cope up with it, managers have become dependent on Big Data analysts to turn this avalanche of data into meaningful decisions.

Having understood applicable use of Big Data to an extent, it becomes imperative to know where Big Data will work within the enterprise and what problems Big Data can address.

Here we have listed four instances, which according to experts make Big Data analytics worth the investment for organizations. These are high value use cases of Big Data as found by IBM.

1.    Exploration of Big Data

The idea of Big Data exploration is to make companies research the existing transactions and repositories using Big Data techniques. This allows companies to accumulate data from various sources stored over different places in order to create a clear picture of available data and gain insights on how to use it for value results. Data exploration thus implies finding, understanding and visualizing Big Data to improve the quality of decision making. Big Data exploration basically addresses the business problem of storage of data in different systems by accumulating it in one place for all to see and analyze.

2.    Enhancing customer knowledge

Companies use Big Data to have a 360 degree view of their customers to understand and engage more personally with them. For example, telecom companies using phone data records and social media usage to understand behavior of a customer. Enhancing customer view enables enterprises to gain full understanding of the customer and then place goods and services based on their analysis.

3.    Extension of security

Big Data analytics can be used to detect fraud by analyzing credit card transactions, or detect terrorism and cyber crimes by monitoring data processing, phone calls, social media, emails etc. constantly. With Big Data analytics fraud and cyber security can be monitored in real time.

4.    Using Big Data for operations analysis

Connected gadgetry and Internet of Things is creating new data with great speeds. Smart gadgetry is contributing immensely to the data stream. Analyzing this avalanche of data can allow companies to improve performance. The abundance of data coming from sensors, GPS devices, IT machines etc. can be analyzed using Big Data for operations analysis to allow companies to attain real time insight of what’s what.

 

9 Recent Surveys About Big Data

9 Recent Surveys About Big Data

big data surveyBig Data is the big word right now and many surveys have been conducted to find out just how big is Big Data. Take a look at the highlights of 9 such surveys to find out where big data is headed.

1. CompTIA

CompTIA, the IT association, surveyed 500 businesses and found out that:

  • 42% of businesses admitted that they have some type of big data initiative going on.
  • 93% said that data was critical for their business.
  • 18% thought that their business was ready for big data.

2. EMA and 9Sight Consulting

259 businesses and professionals were surveyed in this end user research. They found that:

  • 68% of the companies have at least 2 projects in their big data initiative.
  • 34% companies are using big data implementations in production.
  • 39% companies identified speeding operational time for analytics to be the number one driver for big data initiatives. Other drivers included competitive advantage with data use in business solutions (34%) and business requirements for higher levels of advanced analytics (31%).

3. Tech Pro Research

Tech Pro Research surveyed 144 businesses about the financial side of big data.

  • 54% have no interest in implementing big data initiatives. 8% have implemented some form of big data initiative, 12% are implementing and 26% are planning on implementation.
  • 82% of those who have implemented big data initiatives report seeing some form of payoff while only 4% believe they haven’t seen any benefits.

4. Gartner

They surveyed 720 members of the Gartner Research Circle.

  • 64% of companies are investing or planning to invest in big data.
  • But less than 8% have already deployed some form of initiative.

5. TEKsystems

They surveyed more than 2000 IT professionals and 1500 IT leaders. They found in their report:

  • 90% of IT leaders and 84% of IT professionals believe in big data as a good investment for time and money.
  • 14% of IT leaders said that big data is regularly applied in their businesses.
  • 66% of IT leaders and 53% of IT professionals said that their data is stored in disparate systems.
  • 60% of IT leaders said that their is no accountability for data quality.
  • At least 50% of IT leaders were not sure about the validity of their data.
  • 81% of IT leaders accepted that they do not have the adequate manpower with the right skill sets to implement big data initiatives.

6. Bain

Bain studied 400 large companies and found good results about big data.

  • They found that the companies that have big data analytics capabilities were outperforming their competition.
  • They were twice as likely to have better quarterly financial performance.
  • Five times more likely to make faster decisions.
  • Three times as likely to execute decisions.
  • And twice as likely to use data in their decision making process.

7. BCG

BCG surveyed 10,000 consumers in 20 countries worldwide. They found that:

  • 75% of consumers are concerned about privacy of their data.
  • The young generation is just as concerned about privacy as older generations.
  • Consumers will allow use of data as long as they trust the business with their data.

8. IBM

IBM studied 900 businesses from around the world. They found that the companies that were outperforming their peers were:

  • 166% more likely to make decisions based on data.
  • 2.2 times more likely to have a clear path for big data analytics in their organization.
  • driven by growth as the main source of value from data analytics.
  • measuring the impact of investment in analytics.

9. Forbes Market Insights

Rocket Fuel sponsored this study by Forbes Market Insights of 211 senior marketers.

  • The marketers that used big data at least half of the time in their campaigns said they exceeded their goals 3 out of 5 times.
  • Those who used data less than half of the time achieved similar results only 1 out of 3 times.
  • 92% of companies who used big data, exceeded their goals and only 5% fell short.

From such surveys it is clear that it is still early days for big data. Those who have taken the initiative have found dividends in big data while some still remain skeptical. Information taken from the article on Forbes.

IBM Launches Accelerated Discovery Lab for Big Data Apps

IBM Launches Accelerated Discovery Lab for Big Data Apps

IBM Almaden Research Center in San Jose, CaliforniaColossal data volumes and confidential business information are stored in massive data centers all across the globe. The Technology Giant, IBM Research has developed a new and one-of-its-kind lab. It has been named the ADL (Accelerated Discovery Lab). It aims to find ways to make use of
Big Data for various purposes.

Technological world today relies heavily on Big Data and therefore ADL has been developed to find relevant connections amongst these huge sets of data, to be used for analytical purposes, etc.  According to IBM Fellow and Director of Technology and Operations, Laura Haas, “IBM is focusing on the four V’s of data, namely volume, velocity, variety and veracity.”

According to her, tackling big data challenges isn’t easy and businesses around the globe would require the expertise to achieve the desired means. Apparently, getting better and finer insights from big data is what IBM researchers are currently focused at.

The ADL Lab will be set at the IBM Almaden Research Center in San Jose, California. The main target of the company will be the clients who understand the value of Big Data but need help dealing with it. Michelle Zhou is amongst the team of researchers at IBM’s lab and will have about 15 projects running at a time.