Big Data. Big Returns.
Although the budget for IT services, software, hardware, staff and telecommunications in short IT infrastructure will increase by 40%, but it is predicted that the investment in storage management, big data, cloud computing and security will grow at a much faster rate.
Big data allows companies to gain valuable insights from the customers, predict future trends and create new opportunities explore. However, before these profits can be reaped, the IT management needs to build a business case along with the execution strategy. These elements are essential before gathering, classifying, analyzing and ultimately acting on the big data.
Previously the business models would analyze the historical data and then formulate a strategy for the next year or two years. Now business models base their results on the data from the past few seconds or minutes which include a plan for the next few minutes or even seconds. Marketing was centered upon theorizing the tendency or responsiveness of people within a segment or sample of the population to target products and services, which were campaigned for weeks and months. It is now founded upon an individual’s behavioral data collected from previous experiences and offers are tailored for that person in real time during contact. It can be through call centers, websites and smartphone applications. It is possible that no two customers or users will receive the exact same offer and once the offer has been received, it will never be repeated. This is what’s so “big” about big data.
For IT management and executives there are many implications of leveraging big data to make the business leaner. The strategy that needs to be employed to use big data to your advantage is simple. The business needs to engage their top-tiered employees and leaders in a conversation where the current trends and their importance to the company, customers and shareholders are discussed.
The leaders should be supported in developing a progressive business strategy, which will help adapt and exploit the new business models, technologies and how big data enables them. We ensure that the data strategies as well as the governance processes should align with the business strategy and its models.
Skilled people, who understand that it is an agenda to allow innovation, should manage these efforts. The efforts are small, incremental and short term that are easy to manage and will yield business results that are measureable and meaningful. The fact is that there will be some failures initially before the perfect recipe is discovered. We help in recognizing and learning from the faults so that the subsequent trials promise better results.
The company defines the business case and they determine how the data is to be used and the expected outcomes. InfoTrinsic Solutions helps with executing the strategy with the skills and tools we possess. In conclusion, big data has allowed many organizations to incubate their ideas and rapidly test them before introducing them to the mainstream market.