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Use of big data is becoming an important way for cutting edge companies to outshine their peers. Many companies have already embarked on their journey with big data to innovate, compete, and capture insights that they can leverage to grow with their business. Retails, for instance, is one such industry vertical that has immensely benefited from big data already by drawing actionable insights on customers behavior and iterating their products and attending to customers personalized demands.
We talked to IT managers and CIOs on how they think big data can make a difference for their organization. Each one of them was bullish on big data prospects.
How big data can make a difference
Big Data is much more than data and it will lead into representing new way of doing business by data based decision making, says Ashok Jade, CIO of Shalimar Paints.
Big data will create new business categories and opportunities, says the CIO.
There will be companies who will provide data scientist, or, companies who will aggregate and analyze Industry data and will give services of “Meaningful Insights of Data” to various organizations. Plus, there could be survey agencies doing the work for you on data analysis, adds the CIO.
Big data coupled with distributed computing is all set to take the world through a new wave of transformation, a new and powerful style of data analysis, says Anil Kumar Mathur, IT Head, Thomson Press. The 3 Vs (Volume, Variety, and Velocity), are no longer a limitation. They are all manageable with ease with the help of Big Data and distributed computing technologies like Hadoop, adds Anil.
After relational database in early 80s, Big Data is the next landmark in database computing. Boundaries of not just the volume but variety and velocity are also broken, argues Anil. Fixed data structure is no longer a limitation, map-reduce is a remarkable way of rapid data mining.
“Sooner or later, every business house will have to board this wave of upsurge, same as we did for RDBMS in late 80s and 90s. Awareness is spreading and CIOs are exploring areas where they can use this new technology and give an edge to their organization over the competition”, adds the IT head of Thomson Press.
Big Data may sound a buzz word; but has already started become integral part of corporate strategy initiatives, emphasizes Yatin Bhatia, SGM, Technology at Aptech. Big Data is next big wave in technological ecosystem of the corporate world which enables us to identify our so called hidden customers.
It also enables us to make our plans based on current and futuristic trends. It allows us to track in details customer behavior making organizations more customers sensitive and customer centric, adds Yatin.
There are huge technological investments happening at this stage and early results are very promising. I believe in next five years, Big data will have very crucial role to play in how corporate’ plan and strategize customer acquisition and customer service, adds Yatin.
Big data in action
Consumer and FMCG industry has started capturing customer behavior in stores to analyze and decide on their product and service offering, says Ashok Jade. One of the big names in restaurant chain has equipped their stores with devices to gather operational data of customer interaction, ordering pattern to decide changes in their menus, restaurant design so on.
Traffic and route information is another area where big data can bring in intelligence. Along with the increasing penetration of smartphones and navigation applications, the use of smart routing will also grow. Apps can analyze road congestion and suggest shortest route. Now imagine how much fuel and driving hours will be saved. I am sure benefit will be in billion $. This will be biggest advantage for all transport business companies, says Ashok.
”I represent Paint Industry so I wish to use Big data to understand and analyze customer behavior, says Ashok. I also wish my consumer should be able to fetch real time furnished result of current trends in Paint. This will make us large difference for building brand, product, services, adds Ashok.
Let us on know how you plan to exploit actionable insights from big data for your business by commenting below.
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