“It is imperative from the business standpoint that you need to get ahead of this new wave of interacting with customers. You need to know who that customer is, what they represent to the business now, what they should represent to the business and how to move them along the trajectory to be that great customer they should be.”
Annika Jiminez, senior director for analytics solutions at Greenplum, said big data is happening in nearly every sector of business and government, from health care where it is used in medical records and treatment pathways to car manufacturers using it to capture data on how vehicles are used and transmitting it to a data center.
The research firm Gartner predicted in December 2011 that 85 percent of Fortune 500 firms will be unprepared to leverage big data for a competitive advantage by 2015.
Big-data analytics also has the potential to improve government efficiency, panelists at the TechAmerica event said.
The Centers for Medicare and Medicaid Services, for example, could pull data from insurance reports and hospital forms and anonymized data from electronic medical records to get a much better understanding of which medications and procedures are most effective, said Caron Kogan, a strategic planning director at Lockheed Martin Corp.
Some 400 IT and business unit managers responding to a survey found advanced analytics, which Dresner Advisory Services founder Howard Dresner defines as “extensive use of color, size, shape, 3D, texture, motion, etc. to convey meaning,” more compelling than Big Data, the cloud, social media analytics and other trendy business intelligence technologies.
On a rising scale of importance, from one to five, respondents gave advanced visualization a 3.8. Dashboards, respondents’ top priority, rated only slightly higher at 4.15
Beyond the simple data analysis of standard business intelligence (BI) software, predictive analytics solutions give midsize IT the ability to not just crunch numbers but get a glimpse of what the future may hold – this is an invaluable asset in the quickly changing tech market. Adoption of predictive software services has been slow in the world of IT, but it is now getting noticed both at the enterprise investor level and on the gridiron.
Big data projects can far surpass the hype by nurturing context and connections, according to an analysis of numerous case studies by Nucleus Research.
Examples of those returns included: a 942 percent ROI for a manufacturer that was able to scour large, disparate data sets from vendors for purchasing and cost information; 1,822 percent ROI from reduced labor costs by a resort that integrated shift scheduling processes with data from the National Weather Service; and an 863 percent ROI by a metropolitan police force that was able to combine various crime databases alongside predictive analytics and its department assets.
According to Gartner, Big Data is “…the volume, variety and velocity of structured and unstructured data pouring through networks into processors and storage devices, along with the conversion of such data into business advice for enterprises.” A recent report from the Center for Economics and Business Research (CEBR) 1, suggests that improved use of this Big Data could add £216 billion to the UK economy and create 58,000 jobs. Data visualisation can be a key tool in helping users explore and communicate data through graphic representations – enabling collaborating, inferring connections and drawing conclusions that benefit business’ bottom line.