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    Data Is The New Oil-Article

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    Data Is The New Oil-Article

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    Shihab Mon
    222 views4 pages
    Data is the new oil-Article

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    Data is the new oil-Article

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    Data is the new oil-Article

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    Download as pdf
    222 views4 pages

    Data Is The New Oil-Article

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    Shihab Mon
    Data is the new oil-Article

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    DIGITAL ENTERPRISE | COVER STORY Shrikanth & | shrkenthg@eybermedia.co.in Data Is The New Oil Today enterprises need radical new BI and Analytical tools to provide pro-active insights and business outcomes ata, t's everyuhere. i's a Digital world out there and whether you are an individual or a com- amy, in any given day huge amounts of data has besn generated and no wonder we call ita Digital Universe’. Amid the aggressive conversations on ‘going Digital across the world, enterprises of al izes ara looking at how they can use the data for better outcomes and arive greater business proftbilty 8 Septonbex 2018, wr dinia.com 0110110010 Crp Sela p Sep ep Dy feb Nep Map Nel Beh SS eter) Gon tho impact of data on ourlives and on businesses, clearly the biggest chalenge for both the vendors and the enterprise IT organizations isto mine the relevant data and achiove batter businoss outcomes, but itis easier said than done, as more data means more compley ‘A Word Economic Forum (WEF) observation stated "This personal data - digital data created by and about people - is generating 2 new wave of opportunity for ‘CyberMedia Pubeston| DATAQUEST fore T) DIGITAL ENTERPRISE | COVER STORY AS ORGANIZATIONS EMBARK ON AN AGGRESSIVE DIGITAL TRANSFORMATION PLAY, IT IS VITAL FOR THEM TO UNDERSTAND DATA AND EQUIP THEMSELVES TO CULL INSIGHTS FOR BETTER BUSINESS OUTCOMES. THEY NEED TO CONSTANTLY INNOVATE AND CREATE A COHESIVE DATA MANAGEMENT STRATEGY AND DEPLOY ANALYTICS-DRIVEN WORKFLOW PROCESSES ‘economic and societal value creation. The types, quantity, ‘and valve of personal data being collected are vas: our profes. and demographic data from bank accounts to ‘medical records to employment data, Our Web searches and sites vsted, Including our likes and alsikes and purchase histories, Our tweets, texts, mais, phone calls, ‘Photos and videos as wel as the coordinates of our real- ‘world locations. The list continues ta grow. Fim collect ‘and se this datato support indvidualizedservice-delvery business models that can be monetized. Governments ‘employ personal data to provide citicl public services rove efficiently and efecively, Researchers accelerate the development of new drugs and treatment protocols. End users benefit from fee, personalized consumer ‘experiences such as Internat search, socal networking or buying recommendations.” WHY IS DATA THE NEW O1L? For ages Oi (crude) is considered as an asset that runs the word, i's a ulity that we cannot live without. With the advent of the Inomet age, the buk of the earth's popuistion has a digital footprint in one way or the other. ‘We create and consume data. We need to see ths data ‘evolution through multiple lenses, one as an individual we produce so much personal data and this personal data can be futher granulated into many subsets. Data that fare purely personal- the ones we have in our AADHAR, PAN and bank accounts, These data are classiied as rission extical in torms of socurty and privacy. This data becomes often a target for hackers. “Thesecond typeof personaldatarelatestowhat we have In social mecia, online shopping sites, cloud services ike photo sharing, email et al. This consumer data has huge value forthe companies to understand many things about theindividual and this datain many waysitis unstructured DATAQUEST | A CyberKeciaPubscation and most ofthe service providers data management and capturing algorithms capture these random data and structure it and suggest recommendations to the user and provide consumar-cantric insight the companies. ‘The thd type of data relates to ‘business, productivity and process outcomes! Enterprises use Bland Analytical tools to manage the business strategy for product cycle management. Say for instance, an FMCG company launching a new beauty product and post the launch, it wants to understand what kind of consumers have purchased it across age groups, it needs to go ep into its reall engine and do a 360 degree analysis culling buying data through an omni-channel approach to Understand the customer demographics and satisfaction ofthe product. To do the data analysis, one noeds data scientists an analysts whe tough multiple touch points mine this data and create the consumer behavior fr this product and the dynamics of that particular business Category. So gaining insights out of data has multiple ramifications across the enterprises. Ths is where the vendor opportunity His in. METHOD OUT OF MADNESS The biggest challenge in mining the data is Its sproad and plurality, scattered acrass multiple sources. Experts say that many organizations have the equipment and ‘expertise to hance large quantities of structured data, but vith the increasing volume and faster lows of data, e, big data, they lack the ablty to mine and derive actionable inteligence in timely way. Not only isthe volume ofthis data growing too fast for tractonal analytics, but the speed at which it arives and the vanety of data types necessitates new types of data processing and analytes solutions. Big data analysis involves making 'sonse’ out of large volumes of varied data that in its raw form lacks ern ini. com Senter, 2018 | 8 DIGITAL ENTERPRISE | COVER STORY IN SPITE OF THE WIDESPREAD IMPLEMENTATION OF ANALYTICS, ENTERPRISES STRUGGLE TO FULLY REALIZE THE PROMISE OF OPERATIONAL EFFECTIVENESS FROM THEIR BI SOLUTIONS. FOR MANY, THE BI TOOLS AVAILABLE ARE DIFFICULT TO USE AND SLOW TO RESPOND AND THE CONTENT THEY DELIVER IS OF LITTLE RELEVANCE ‘a data model to define what each element means in the ‘context ofthe others. For example, one may havane idea wietner or not social data sheds ight on sales trends. Besides, new types of BI inquiry entall not only what happened. but why. For example, a key metic for many companies Is customer churn. I's faily easy to ‘quantity chur. But why does it happen? Studying call ‘ata records, customer suppor inquiries, social media commentary, and other customer feedback can all help ‘explain why customers detect. With advanced analytic, ‘simlar approaches are being used with other types of ‘ata and in other stuations, Why cd sales fall in a given ‘store? Why do certain pationts survive longer than others? ‘The trick now is to fnd the ight data, discover the hidden relationships, and analyze i corectly to draw actionable inteligance from a haystack of information. Big Data is ‘actually accelerating the democratization of Bl ‘So datas the source ike ol and itis up to the players in the fray to extract it for greater mileage. The biggest players in the data space Googie. Amazon, Facebook, land Microsoft make the most out of the consumer deta. Meanviile, companies of multiple hues provide data analytics solution to. the ‘enterprise fr an outcome-crven business model Business and IT decision makers in Indian enterprises e90 an investmont in Bt ‘and analytics solutions as critical fr their ‘growth, Today enterprises needradicalnew Bland Anaytcaltoois toprovide pro-active insights and business outcomes. From ‘start-ups to eCommerce companies, and banks to large manufacturing companies, almost every organization Is. beginning 1 irvest in Bl and analytics solutions to ' wera dncacor 101 September, 2018, tO Ne decode the changing consumer predicament and identity ‘operational neticiencies within the organization. There is ‘2 greater understanding about the value ofthese insights tocreate Better business strategles that can lead to enhanced productivity, a stronger competitive position, and greater innovation—all of which can have a significant impact ‘on the bottom line and help find new avenues for top- line growth. In fact, according to an industy research, ‘organizations that use analytics get $10.66 for every $1 they spend on analytics. FROM A ClO'S POINT OF VIEW In spita of the widespread implementation of analytics, enterprises struggle to fuly realize the promise of ‘operational effectiveness from their BI solutions. For ‘many, the Bl tools available are cficult to use and slow to respond and the content they delivers of litle elevance. Besides, the sophistication of many of today’s analytics applications, combined with arger and more complex data ‘ets, s making it challenging for casual business users to [Acybarhaia Picton! DATAQUEST Rem) DIGITAL ENTERPRISE | COVER STORY MANY ORGANIZATIONS HAVE THE EQUIPMENT AND EXPERTISE TO HANDLE LARGE QUANTITIES OF STRUCTURED DATA, BUT WITH THE INCREASING VOLUME AND FASTER FLOWS OF DATA, i.e, BIG DATA, THEY LACK THE ABILITY TO MINE AND DERIVE ACTIONABLE INTELLIGENCE IN A TIMELY WAY Interpret al he information they ean now access, ‘Asa eeu, business users defaut ta making decisions ‘based on incomplete information or thar “gut fealing’ TT and business managers also say that most analytics ‘and 8 solutions are typically disconnected from planning systems and transactional applications so metrics viewed in Bl reports and dashboards often have litle or ‘no relationship to target metrics established in financial plans. In the same way, the annual targets established ‘in fnancial plans and budgets often have litle or no tionship to operating plans and dyramicaly changing ‘business conditions. Inian organizations are increasingly moving rom traditional entoprise reporting to augmentod analytics tools that accelerate data preparation and data cleansing, ‘said Gartner ina recent observation. This change i sotto postvely impact the analytics and business intoligence (G) sofware market in India in 2018, Gartner forecasts ‘that analytics and Bl software market revenue in Inia wil ‘each US8304 millon in 2018, an 18.1 percent increase year over year “indian organizations are siting from tradtonal, tactical ané tool-centric data and analytics projects to Strategic, modern and archtecture-centric data and ‘analytics programs,” said Ehlisham Zaid, principal research analyst at Garner “The ‘ast folowers' are even looking to make heavy investments in advanced analytics solutions driven by aii iteligence and machine learning, to reduce the time to market and accuracy of analytics offerings "We are witnessing & rapid shit tothe cloud and hybrid ata management through focused data management ‘offerings, including integration platform as a service ATAQUEST | A CyberMfoca Publeation Analytics and Bl Software Revenue Forecast, India, 2017-2019 (Millions of Dollars) em EET Corporate Performance | 405 | 46.1 | 52.1 Management (CPM) Suites ‘Analy Appicaions | 248 | 206 | 95 Data Science Pitfoms | 30 | 39 | 502 Modem Bi Patiooms | 59.1 | 814 | 1075 “rational BI Platforms | 1025 | 107.7 | 1115 Total 257_| 3007 | 358.2 ‘Sexe: Gana ure 207) (PaaS) tools for cloud integration and data preparation 100s for self-service integration,” said Zaid. "We are also seeing the emergence of data lakes and data hubs, a8 ‘anew way to ingest and manage mult-structued data. However, unavainbilty of talent will continue to be a ‘ajo inhibitor toward their adoption.” ‘As organizations embark on an aggressive digital ‘transformation play, it is vital for them to understand data and equip themselves to cull insights and business ‘outcomes. They need to constantly innovate and create fa cohesive data management strategy and deploying analytics-

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