Big data is becoming increasingly important for businesses and organisations. An IDC forecast suggests that by the year 2022 the worldwide revenue for data and analytic solutions will reach $260 billion. As it grows in relevance more companies and organisations are seeking to unlock its potential. However, like many innovations, this will only benefit you if you properly understand it and its capabilities. Through the course of this article, we will explore what big data is, and why it is so useful. We will also look at how different businesses and organisations are using it to transform their processes. This will give you valuable insight into data applications and how you can use it to optimise your business. Simply put, this is a term that describes the large volumes of data that a business deals with on a daily basis. According to Gartner, it can be defined as "high-volume, velocity, and variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making." Big data analytics allows businesses to process this data or information. Properly processed this provides valuable insights. These can help a business to cut costs, increase customer interaction with a brand or grow their operation. These terms are relatively new. However, the process of gathering data on customers or business operations, and using it to improve and develop strategies is not new. Big data is increasingly growing in importance. Used alongside high powered analytics allows a business to gain valuable insights. These insights can be used to develop and modernise, improve strategies and refine processes. However, the amount of data you have isn't as important as what you do with it.
Efficiency and cost-effectiveness are the biggest challenges facing supply chain management today. Businesses are continually striving to reduce costs, enhance profit margins, and provide exceptional customer service. In such a competitive market, disruptive technologies like Machine Learning (ML) and Artificial Intelligence (AI) have opened up exciting opportunities for companies. Are you grabbing these opportunities? Artificial Intelligence and Machine Learning have recently become buzzwords across different verticals, but what do they mean for modern supply chain management?
India is one of the leading markets for analytics and data science services, and various data science vendors have seen significant growth over the last few years, as organisations across verticals are investing billions of dollars in data science and analytics to optimise their processes. In fact, despite the pandemic and the resulting quarter-long slowdown, the data science functions across organisations have not been significantly impacted, suggesting that data science and analytics are a mainstay of business processes and value generation. The pre-COVID numbers suggest that as of March 2020, the analytics function in India earned consolidated revenues of $35.9 Bn, a 19.5% growth in revenue over last year. In the post-COVID world, companies are veering towards digital transformation to ensure business continuity – and the analytics and data science functions are playing a crucial role in this journey. As companies are looking to establish AI and Data Science capabilities, the market is further maturing, driving the need for data science vendors/service providers to facilitate the booming market. Over the last few years, multiple vendors with unique capabilities in data science, have not just grown from small operations but also matured in terms of capabilities.
The ongoing pandemic has changed our experiences forever -- as employees, citizens and customers. While the unrelenting pandemic continues to roll on, the future is not going to be the same. There have been a lot of changes in the last few months in consumer preferences and subsequently business functioning. Businesses are witnessing altered consumer buying patterns, nudging them to re-evaluate how they can deliver relevant customer experience to support business continuity. One of the most significant changes have been a significant focus on digital acceleration.
It is a whole new game in the consumer-packaged goods (CPG) and retail industry. The combination of digital technologies, new competitors with smarter business models and changing consumer behaviour is disrupting, disaggregating and dislocating the industry which once operated on a simple business model.