Why do you need a Big Data factory?

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Big data factory

“The world is one Big Data problem.”

_Andrew McAfee, Associate Director at MIT Sloan

The traditional IT infrastructure will not be able to handle the 10X increase in data flow. A recent report suggests that information directly managed by enterprise data centers will grow by 14% every year. Data under security governance will grow by 40%, but there won’t be a corresponding increase in the IT professionals to manage this data surge.

Also, traditional data is largely captured and stored in Enterprise Data Warehouses, but now, new data sets are emerging. There is a large volume of structured and unstructured data that requires real-time analytics processing to distill business insights. You need an agile and flexible infrastructure which can deliver scalable and measurable performance. Continue reading

Capitalize on Data Analytics to Boost Customer Experience in the Retail Space

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Capitalize on Data AnalyticsBig Data needs no introduction. Everyone is talking about it and many companies are using Big Data to achieve a number of business goals. But in an unrefined state, Big Data is just a collection of large volumes of data that really doesn’t tell us anything. Trying to make sense out of the huge pile of information is one of the biggest challenges retailers face with Big Data. This is where advanced analytical tools come into play and filter the unwanted data and offer useful information. Big Data has transformed the way retailers conduct business with consumers. It has offered them valuable insights into customer shopping behavior and industry forecasts necessary to stay ahead of the competition. Retailers realize the power of deploying analytical tools to understand their customers better, one of the crucial parameters for business success. Continue reading

Predictive Analytics in the Data Centre

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Predictive Analytics in the Data Centre

As India industrialises, both new-age companies as well as those of the brick-and-mortar times are grappling with vast amounts of business data that, for the first time, is being captured in ways that allows it to be collated, classified and analysed.

One fine example is the e-commerce companies, and here I refer to the likes of Amazon, Snapdeal, Flipkart and the rest where every data byte has been recorded basis which we have seen a variety of e-mailers go out to a variety of potential buyers. Big data can be sifted through for trends across several demographic categories, analysing everything from buying cycles for a certain kind of decathlon to the exact type of superhero T-shirts most preferred by teenagers from tier 2 towns in India. Continue reading

Maximise ROI with Big Data Analytics

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Maximise ROI with Big Data Analytics
Big data is the latest investment trend which is being looked at by many organisations. Marketing leaders have understood that collecting and analysing the data is essential for the progress of every organisation. The traditional method involved the collection of data on a company’s database to record the customer behaviour and new consumer trends.As there is an enormous amount of data to be recorded, companies are moving to Mobility and Cloud. This is bringing a change to how organisations function. On the contrary, many organisations are not sure how to invest in the right technology of big data. To make the right choice, you need to understand the capabilities of big data. Big data can address a wide range of problems in your organisation. This can be done by improving the customer satisfaction and amending the overall process of the organisation. On the other hand big data analytics is a fast growing industry that has tremendous opportunities for many investors. Continue reading

How Big Data initiatives benefit organisations?

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Big Data initiatives benefit organisationsBig data is considered a gateway to competitiveness and business solutions today, with seamless collection of data and analysis to understand where things have gone wrong. The use of big data analytics gives the enterprises a chance to make smart and data driven decisions.

The development of industries with new technologies, skills and innovative thinking blends perfectly with big data analytics. There are immense benefits for an organisation with trending big data initiatives. Continue reading

Revolutionizing Healthcare with Big Data

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Healthcare with Big Data

The term ‘Big Data’ is constantly being mentioned in the IT sector. Many analysts and writers have also dived into the Big Data research to determine how well this technology can help various domains target potential customers.  Following the biggest Information Management conferences hosted by IBM and Oracle in the year 2010, people slowly started talking about Big Data and were searching for it on Google. Press releases, write-ups and blogs on the same topic started making their way to various online platforms. In the same year, job sites posted numerous Big Data jobs.  In 2011, Gartner [1]included Big Data to its 2011 Hype Cycle along with Gamification and Internet of things. Continue reading

Combating Data Breaches with Risk Intelligent Solutions

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The age of internet has brought banking at our finger tips. Traditional banking has undergone a major makeover. There is no more waiting in line to transfer, deposit or withdraw cash. Customers do not have to fill in lengthy forms to carry out a transaction. Online transactions offer the luxury of doing business even on holidays and weekends. Banking has been made much more convenient. But what exactly does this change mean for consumers? How safe are the data centers? With data thefts increasing at a rapid rate, how committed are the banks and insurance company to protect sensitive information?In February 2015, Anthem, the second largest health insurer in the US faced a tough time dealing with a cyberattack that resulted in the theft of personal information of more than 78 million existing and previous customers. The total cost of the breach is expected to cross $100 million. This is just one instance of how vulnerable today’s banking scenario is. Continue reading

Should IT industry invest in Big Data and its potential profitability risk management?

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Big Data has witnessed enormous growth in the recent past giving businesses a new window into valuable streams of information. The ability of Big Data to transform massive volumes of unstructured data in to valuable insights has helped explore various possibilities leading to better consumer experience across sectors.

Need for Big Data Risk Management

One of the most important concerns of several IT companies has been risk management. The data breach landscape also does not paint a pretty picture with statistics highlighting a staggering increase in the percentage of companies having experienced data breaches over the past two years. Despite security measures in place, proper monitoring and reporting of risks continue to be an issue urging companies to explore the potential profitability of Big Data in risk management. Predictive analysis in Big Data helps companies to assess and report potential risks well in advance. Data Architecture and IT systems have realized the importance of investing in sophisticated data management tools to monitor and manage a broad spectrum of risks. According to a report by Celent, a research body, spending on Big Data in risk management is estimated to grow from $470 million in 2014 to $730 million in 2016 as tools mature and firms deploy more enterprise wide solutions[1].. Some of the benefits of Big Data risk management is listed below:

  • Rational and data-driven decisions help in eliminating risks as opposed to applying ones gut feeling to anticipate potential risks strengthening the security measures
  • Reporting of potential risks help in taking counter measures help prevent the adverse effects of a financial crisis
  • Assessment and evaluation of potential risk can be identified better using predictive analysis employed by Big Data risk management
  • Advanced methods of Big Data Risk Management is pivotal in achieving sustainable business growth
  • Specific tools and tailored defense mechanisms in big data risk management enables risk mitigation strategies at a much faster rate than traditional methods of risk management

The current rate at which data is created and captured in the IT industry calls for Big Data risk management. While there have always been apprehensions in the adoption of new technologies, the benefits outweigh the disadvantages as far as Big Data risk management is concerned. In an era of ever increasing security and compliance threats, the trend of Big Data risk management will not wither away for years to come.

Sources:

[1]http://www.celent.com/reports/big-data-risk-management-tools-providing-new-insight
http://www.businessinsurance.com/article/20150305/NEWS06/150309890
http://www.forbes.com/sites/gartnergroup/2015/02/12/gartner-predicts-three-big-data-trends-for-business-intelligence/
http://cloudtimes.org/2015/02/20/gartner-classifies-big-data-trends-to-transform-business-processes/

Role of Data Governance and Master Data Management (MDM) in Big Data

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Data Governance and MDMBig Data may just be the next big thing given the considerable amount of buzz it is generating — In a 2012 survey of 209 North American and European companies, 77% of companies accepted that big data was important to them, about 19% of companies already had a live Big Data application, and a further 20% were slated to go live by end 2012.[1]

But, even as businesses seek to improve their ROIs on it, Big Data advocates are pushing for greater interactions between organizations’ Master Data Management (MDM) systems and Big Data itself. Why?

While Big Data – data produced by the Web or Sensor Logs for example — is all about really high volumes, it is way too much for what current databases are geared to handle. Consider this, “a jet airliner generates a massive 20TB of diagnostic data an hour! In 2003, the largest data warehouse in the world was 30TB in size but, by late 2012, Teradata had 25 customers with petabyte-sized data warehouses, an increase of over 30 times in a decade.”[2] Continue reading