According to estimates, 2.5 quintillion bytes of data is created daily with enterprise-generated data expected to cross 240 exabytes (1 exabyte is equal to 1 gigabyte) daily by 2020. IBM predicts that analytics alone will be a 315 billion dollar market by next year. In a KPMG survey of C-suite executives, 99 percent said that analysis of Big Data was important to their strategy. This essentially concludes the trend is accelerating.
Big Data Intelligence is transforming the ways businesses function – from transactional to relationship basis. The adoption of Big Data in understanding consumer behavior helps any enterprise understand its most important customers and competition. Big Data can be effectively used to show the right products for the right consumers at the right time, and to identify any irregularities in the sales patterns. Big Data can bring about a radical growth for any enterprise by predicting the current trends accurately. For sellers and producers too, this technology fuels analytics which can help in predicting demand or shift in demand.
According to Gartner, by 2020, customers will be able to manage 85 percent of the interactions with an enterprise without human intervention. Evidently, Big Data powered by Artificial Intelligence and Machine Learning is transforming the way businesses are defined, designed and delivered and enterprise value is captured. Enterprises need to take smart advantage of this and move in the direction of offering personalized solutions and services to customers.
The impact of Big Data is visibly impacting customer relationships, product development, geographic expansion, product expansion and brand expansion, organizing business operations, optimizing the supply chain and fundamentally changing the way growth engines are modelled. With Big Data’s applicability to unstructured data there have been considerable improvements in customer experience, reduced response time, time to resolution, effective management of stakeholders including employees, developing a data focused business model, and decision making.
In the years to come, Big Data will reinvent, and eliminate cumbersome business processes that lead to time lag. Enterprises will scale new heights by exploring this untapped data and extract incremental value. Big Data will affect almost all human activities ultimately influencing the way businesses chase growth, to positive effect.
There has been a dramatic change in the amounts of data that is being generated. The convergence of Big Data and Cloud is making data go places. Data has always been there, but allowing access in real time is the revolution that we are being a part of.
The Market globally, is in its infancy stage. We are just beginning to scratch the surface, hence no one has explored the full potential of Big Data. Big data, Artificial Intelligence and the convergence of Cloud and Big Data fueled by Artificial Intelligence and Machine Learning will be the next game changers, what Michael Dell has stated is "where the next trillion dollars comes from”, and we believe he’s underestimating it. Big Data is the next natural resource, it is like air and water.
We know Big Data will be increasingly needed. The global resource shortage fuels opportunity for Indian skilled resources to fill the gap and build applications to help organizations capture new enterprise value by leveraging the convergence of Big Data and the Cloud.
Guest Author
The author is Chairman, Cambridge Technology. He is an equity investor in technology, infrastructure, real estate, energy, logistics and hospitality. Aashish was one of the co-founders of Cambridge/Samsung Partners, one of the earliest independent venture capital firms in Boston in 1996 in partnership with Samsung of Korea
