TECHNOLOGY TRENDZ | Big Data
B
ig Data is the term that is defined by voluminous quantum of structured, semi-structured or unstructured data that can be mined to gather usable information. It refers to big loads of information gathered upon generation by modern technology. These have become collectible only recently by use of innovative sensors, microchip arrays, sampling techniques, satellite instruments, etc.
Data is an integral part of every sector
and activity in the global economy, and, much like other critical factors of production such as machinery and manpower, modern economic activity is linked to data. This data is used to arrive at patterns and take better business decisions. The better a business can do this, the more competitive it can become. This can lead to enhanced productivity, waste reduction and improvement in quality of service and products. Big Data can unlock large value by
rendering the information transparent and fit for use at a higher speed. It is a critical tool that businesses can use to outperform their peers. The use of this tool in some way has been done in the past by sectors
operations and more, said a PwC report. Concerns surrounding privacy and
security of data are the hurdles the business and government must overcome to realise the economic benefit of Big Data. Shortage of trained manpower and technological upgradation are another challenges.
Expanding the sources of data is also
important. Companies will have to rely on sourcing greater data from third parties such as business partners and customers and integrate these data with their own. One of the determinants of successful sourcing of data will be the ability to offer compelling reasons for buyers, suppliers or even competitors to share data. Companies that have thrived on proprietary data to enjoy competitive edge over others will need to come to terms with the emergence of Big Data. Till not very long ago, financial
companies looking to examine large data pools had to invest significant resources and time to organise data that is often available in different and scattered sources. Still, organising every set of such data for analysis was not simple. Big Data has changed this.
Big Data will TRANSFORM every aspect of the organisation, from strategy and business model design to marketing, product development, HR, operations and more
like healthcare, retail and manufacturing too. These sectors have transformed data into insights and intelligence to better implement operational and strategic decisions and gain a competitive advantage. The concept of Big Data is not new. What is new are the massive volumes of enterprise-generated and third party data now available (including real-time data streamed from mobile devices) and the emergence of sophisticated tools to organise, manage and analyse the data. By applying analysis of Big Data to pressing business issues, companies are reshaping their operations – and accelerating their business results. As its potential becomes more evident, Big Data will transform every aspect of the organisation, from strategy and business model design to marketing, product development, HR,
February 2016 |
www.wealth-monitor.com
Companies now need to invest lesser time in sourcing the data and converting it to the desired format and more time in extracting value through analysis. In the past, meaningful analysis from data could be generated in a timely manner and this fragmented a company’s view of business insights. Since the available data could not be mined on a real time basis there was difficulty in predicting as well as responding to evolving business needs and dynamic opportunities. The process and response has gained
pace now and it can help in areas like risk management and regulatory reporting. Constantly increasing regulatory focus demands institutions to manage risk across different risk dimensions. Big Data allows capturing market events across the globe real time through non-structured
Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world to- day has been created in the last two years alone, according to IBM
data points such as news, social media and research. Having ready data based analysis can reduce the response time to situations that surface in business activities. Structured information can help in better evaluation of risk and desired action. The resource to mine larger and
diverse pools of data in business decision holds the promise of loss reduction by managing risks and revenue maximisation. Big Data can be of great use to the banking and financial services industry. It can be used in analysing sentiments, control of frauds and so on. It can be used in customer monetisation through risk analysis and customer retention efforts. Since the financial services industry
is faced with a highly diverse and demanding base of customers who insist on uninterrupted communication and business transaction in a seamless manner, Big Data can be of help. But it is not all very simple. While
more and more financial services firms are embracing the analysis of Big Data, the challenge remains around getting superior risk management performance, particularly around credit risk and liquidity. These two risk areas also reflect the large potential for Big Data in improving risk management. Financial institutions have started investing in Big Data to improve the risk management approach and using the same analysis to explore new streams of revenue.
quintillion 2.5
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