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Thursday, 09 April 2015 19:44

The Big Data dialogue continues…

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Leading companies are using data collection and analysis to conduct controlled experiments to arrive at more precision in tailoring products or services for customers and, to substantially improve the decision-making process. Is your organization prepared for an information-led transformation?

The use of big data is top-of-mind across industries with some set for greater gains. It has been reported recently that the information sectors, as well as finance and insurance, and government are poised to gain substantially from the use of big data.

The role of IT
Clearly IT is under great pressure to tap into growing quantities of data to help the business make better, informed decisions by combining new sources of big data with existing enterprise dark data. Companies need a plan to manage access to these information sources. Planning should include:

  • an understanding of how to deliver access to big data in a rapid and cost-effective way to support better decision-making,
  • the tools and technologies to link these new sources of diverse data,
  • the data scientist talents required to exploit big data,
  • policies related to privacy, security, intellectual property, and even liability need to be addressed.

"In the past, IT worked primarily with finance to run reports, which were often used to justify decisions leaders had already made. That is changing with big data. Managers are analyzing enormous data sets to discover new patterns and running controlled experiments to test hypothesis. Decision making that was once based on hunches and intuition is now driven by data and knowledge.” —Erik Brynjolfsson

In 2012, Gartner’s Peter Sondergaard, senior vice president and global head of Research predicted that by 2015, 4.4 million jobs would be created around big data. Recent reports now show that by 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions. This is an important factor for IT leaders as these new skills are required to help meet the business requirements.

Some areas to be addressed to capture the full potential of big data.

  • Data interpretation. Business Analysts and IT is required to help support the discovery and new information trends, in order to know which data to integrate for new product innovation. Understand how to exploit to its fullest value the data collected - from "dark data”, employee, customer to social media data. With the objective to use unstructured enterprise information to improve the client experience, and to leverage new data types such as sentiment data, clickstream data, video and images.
  • Behavioral Analytics. The requirement is to find ways to tap into complex data sets to create new models to drive business outcomes, decrease costs, drive innovation and to improve customer satisfaction.
  • User Expectations. Users are demanding more access to big data sources. Having a plan to manage access to these information sources as well as an understanding of the use cases is key.
  • Costs and ROI. Costs is an important factor. How to deliver access to big data in a rapid and cost-effective way to support better decision-making and the overall impact to infrastructure and the data center.

From a competitive viewpoint, all companies need to take big data seriously and, ensure that the needed skillsets are in place to be able to use data for both predictive and real-time analysis across all business domains. Don't get left behind. Marketware and our partners can assist; let us know.

Jose Pierre

José Pierre, founder and CEO of Marketware International Inc., leads a firm that provides strategic consulting to both top-tier multinational financial institutions and their vendors as well as turnkey solutions for global trading and portfolio management.

 

José Pierre founded Marketware International in 1995, based on a vision of developing technology platforms for secure, cost effective, high volume online trading and portfolio management. By 1997, TD Waterhouse, Royal Bank of Canada, CIBC and other top-tier North American firms were clients. In 1999, TD Waterhouse acquired Marketware and Mr. Pierre, as SVP for International Technology for the TD Waterhouse Group, directed the development and delivery of high volume, local securities trading platforms throughout Europe and Asia.

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