The big opportunity of big data
Big data is expected to present newer growth opportunities to Indian enterprises, according to industry experts. A recent report from International Data Corporation (IDC) states that the Indian big data industry is set to grow from $200 million in 2012 to $1 billion in 2015, at a CAGR of over 83 percent, which is a huge number. Experts believe that those enterprises ignoring big data now are doing so at their own risk.
According to Akhil Kamat, Business Manager, STG, IBM, “Today an increased number of businesses are struggling with information and are unable to store data or extract value from it. Big data enables these enterprises to capture, store, manage and analyse huge volumes of data – both structured and unstructured - and leverage it meaningfully so as to make better business decisions and drive innovation.
Talking about big data storage and analysis, on the storage front Kamat sees a lot of traction coming from industry segments such as oil and gas, power, animation and healthcare. Segments such as retail, telecom and banking are increasingly opting for big data analytics solutions.
“Big data as the name suggests, not only explains the volume of data which any organisation has to deal with in today’s business environment, but, how can one derive the business value from the data,” said Anil Kuril, Deputy General Manager - IT of Union Bank of India.
Referring to the banking sector in particular, Kuril says big data will become a key basis of competition, underpinning new waves of productivity, growth and innovation.
According to him, in the banking sector, until now, we have dealt with only structured data which is comparatively easy to transform into information with the help of data warehousing tools by performing various analysis. However, the increasing volume and detail of information captured by enterprises, the rise of multimedia, social media and various other concepts in the banking system, it has become imperative to analyse the trend in order to improve the product sentiments as well as acquire new generation customers.
A McKinsey report reveals that every year enterprises are producing 60 percent excess data, mainly file-based unstructured data from files including satellite photos, videos and music, medical imaging, seismic exploration and genetic sequencing, to name a few. Those files are too large or unstructured for normal data management techniques.
Kamat said what CIO needs to comprehend around big data is that it is real and therefore can be leveraged to drive value. “Enterprise should develop an optimised strategy to cope with the huge data growth and this is where big data providers can play a major role.”
“Keeping in mind that enterprises are dealing with data that is increasing exponentially in both size and complexity, we at IBM are coming up with solutions that can help them intelligently handle big data by optimising their storage assets thereby offering increased agility and safeguarding business continuity and compliance. This will help them drive new business outcomes,” says Kamat.
Kamat believes that the potentials of big data solutions are tremendous depending on the business requirements. A smarter data management approach in big data will help Indian enterprises turn big data into big business opportunities.
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