Big Data + Cloud: The Multi-Billion Dollar Opportunity
In a world where information is driving innovation, an efficient data management strategy becomes a key business imperative. Equally important is the quick and easy accessibility of this information for making informed decisions. Consequently, the biggest technology trends that are reshaping the businesses of tomorrow are Cloud Computing and Big Data.
While cloud computing empowers enterprises to focus on their core business strategy, Big Data helps them develop the strategy itself. Together, they mark a paradigm shift in the way organizations go about their operations. Let us see how.
Big Data Fosters Big Changes
Big Data includes and integrates many new types of strategies that work alongside the traditional data management techniques to deal with complex streams of data flowing into an enterprise. The core value of Big Data lies in delivering statistical significance of large volumes of numbers vis-a-vis the existing sampling techniques that provide a mere approximation or a close estimate. This makes it ubiquitous when it comes to its business application. Today, it is being applied to various functional areas such as Lead Generation, Prospecting, Market Research, Recruitment, Employee Engagement, Service Delivery, Customer Relationship Management, Finance and Accounting among others.
Big Data answers several key questions for enterprises in their quest to become global leaders. Some of these are:-
Volume: With globally modeled operations, the volume and scale of all business functions including service delivery, customer base, target markets, employee count, financial metrics etc. is on the rise. Big data enables control and scientific management of these critical organizational processes.
Variety: Big data gives you unique patterns and insights in your business that cannot be unearthed with conventional analytics. These empower business to innovate and create socio-economic value in whatever they do.
Value: Big data has a direct impact on the top-line and bottom-line growth of businesses. The insights it delivers enable effective decision making, leading to business expansion and growth through diversification, product, service and brand innovation, organic streamlining etc.
Velocity: Today, success in the business world hinges on the speed and the agility of your operational framework. Big data fosters both and also aligns it with your business strategy. It helps you monitor and control the progress made and remove all bottlenecks through data driven insights.
Cloud Computing Delivers a New High to Businesses
Cloud Computing has its own unique advantages. With most organizations having already built vast information repositories, the focus is gradually shifting from data aggregation to the management and dissemination of existing information.
Cloud represents an opportunity for businesses to share and collaborate, access critical information across any platform or device, without having to make huge initial investments on technology or infrastructure. While cost benefits still persists to be the primary motivation for companies to replace their legacy systems, there are many more industry drivers that are compelling organizations to adopt cloud technology.
Workforce Collaboration – The advent of an increasingly distributed workforce is compelling organizations to adapt their operational models and enable anytime anywhere accessibility. Cloud infrastructure can ensure this by providing a secure information storage platform that can be easily accessed and leveraged by business users. This engenders business innovation and operational excellence.
Rapidly Expanding Delivery Channels – As mobile matures into a potent sales and distribution channel, businesses must ensure unified customer experience across multiple platforms. Conventional ways of managing on-premise IT infrastructure is no longer sufficient. Organizations must be ready to introduce innovative business applications on the cloud to support the new and emerging delivery channels.
Market Competitiveness – Market leaders across industries have created several entry barriers for the new entrants, leaving a very small window for them to gain any market traction. Cloud grants small and medium sized companies the access to enterprise-class technology, allowing them to compete with their big and established counterparts.
Environmental Issues – Companies that work on cloud are able to optimize their energy usage and lower their carbon footprint significantly. Multi-tenancy through shared infrastructure and dynamic provisioning by matching server capacity with actual demand will lead to environment friendly businesses.
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