How To Get Faster, Smarter, Stronger With Big Data
While Big Data is said to have a huge potential and can change the business landscape, in reality many of the early big data projects have had to be written down because they failed, states consultancy firm Deloitte, stating that as businesses struggle to prove a definitive link between Big Data investments and financial performance, failures are bound to happen. Deloitte Consulting partner Tim Nugent mentions “As Big Data moves from the bleeding edge to the leading edge across industry sectors,” says Nugent, he identifies three emerging trends in the evolution of Big Data, such as, faster insights, smarter solutions, and stronger communities that can drive business productivity and offer companies the competitive advantage.
Big Data provides real-time operational insights
Nugent states that it is important for companies to be able to build ‘speed of thought’ analytical capabilities that can preserve precious production uptime, pushing operations to the frontier of efficiency.
“The business case for real-time operational insight is easy to make when minutes of downtime equate to millions in losses,” says Nugent. He believes that industries with intricate supply chains will continue to shift to data-driven decision making processes, as well as customer insights. This will unlock a new generation of business intelligence.
Innovation changes the cost-model of Big Data implementations
In many cases, the cost of Big Data analytics is clearer than its benefits. Entry pricing for systems continues to drop, however Big Data asset depreciation is still driven by obsolescence, not productive output. The faster the technology moves, the more costly it appears on financial statements, says Nugent.
According to him, Big Data products are addressing this challenge in innovative ways such as building bridges to more traditional business intelligence and analytical tools. This reduces integration costs and the burden on employers of re-skilling employees and hiring specialized labor.
“The intersection of Cloud infrastructure and Big Data solutions offers an attractive alternative to owning physical systems,” he says.
Access to a growing community of Big Data experts is key to delivering value
Often the key to successful innovation is collaboration between businesses, research and education institutions. In this context, the technology community, captivated by Big Data, plays a significant role in filling the skills gap left by underinvestment in data management capabilities, says Nugent.
“The community’s ability to bring together practitioners from different disciplines creates a rich network for self-learning and knowledge exchange,” says Nugent.
He believes that in the current skills landscape, every company that is serious about using Big Data needs a plan to develop and access external data talent. Without this type of open engagement, companies will risk an encounter with critical shortages in data skills.
By leveraging these trends, the industry will stand to gain enormously from a more coordinated approach to building the next phase of our (big) data-driven economy, sums up Nugent.
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