What are the top trends seen in big data analytics space in India today?
In today’s fast-paced and edgy market environment, firms are looking at ways in which they can gain a competitive advantage by exploiting the opportunities presented by big data. In retail, specifically, big data solutions are influencing operations & buying/merchandising, in order to drive more efficient management of supply chain processes and assortment planning.
Variety of solutions allows retailers to serve their customers with more appropriate choices and also predict the demand for products. Similarly, in the banking space big data solutions offer a huge potential to engage and drive value from consumers by predicting the next best offers for customers, be it credit cards, loans or wealth management portfolios.
Exploiting the data explosion will be the key to making the right choice. However, ‘Business as Usual’ models are broken and unlikely to solve the paradox of more.
Only one-third of companies across the globe are currently harnessing the power of data to aid in business decisions and reveal customer insight
This gives rise to a huge opportunity to innovate and implement new business models that can leverage this vast amount of data to create value for enterprises and consumers.
Big data solutions abound in the market which creates confusions. How does an IT Manager select a solution which fits his requirement?
Choosing the right big data solution is a complex process. The first step is to figure out what business problem you want to solve. Secondly, to understand what will be the final result by solving that particular problem. Data never creates value all by itself; rather, it simply drives action. Thirdly, rank the expected benefits and figure out how you will measure the progress. Finally, before buying, it’s important to determine who will actually use the tool. If you have zero data scientists in house, you should probably limit yourself to Big Data as a service.
What are the industry verticals that have not used analytics much but can leverage it grow their business?
In fact, Big Data analytics has already spread out to almost all verticals we know, starting from healthcare, crime, marketing, retail, banking and e-commerce to aerospace, energy, environment, education and supply chain. But the difference is we hear more about Big Data in some sectors than others. However, I personally feel verticals like human resource and supply chain can leverage Big Data a little bit more than what they do now.