Big Data – Big Opportunity with Big Outcome

Businesses, whether small or large, are churning huge amounts of data at an unprecedented rate from a multitude of sources – posts to social media sites, application downloads, digital pictures and video uploads, mobile GPS signals etc. The ability to collate relevant data from these sources and convert it into actionable business insights with the aim of improving efficiency and customer experience is at the heart of big data.

Indian companies are catching up with their global counterparts in tapping the true potential of big data. Desktop analytic tools are no longer sufficient as the volume, velocity and variety of data are growing exponentially. Advanced analytics are key to providing companies with the ability to conduct analysis and simulations of all business transactions, while presenting a model which is concise, relevant and accurate.

There has been uptake across business verticals – from ecommerce platforms, FMCG, retail to telecom companies and even the government. Globally, perhaps the most widely quoted example is U.S. President Barrack Obama’s 2012 election campaign where the use of big data analytics by his team was considered to be a key factor in his eventual win. U.S. retailer Target has used predictive tools that can now accurately alert them when a customer is expecting a baby. Entertainment services such as Netflix have used big data tools to intelligently curate content for their subscribers.

In India, ecommerce platform Snapdeal has said that 31 percent of their orders come through analytics-driven systems. Tata Motors, Maruti Suzuki and Hero MotoCorp have been analysing data to improve business efficiency and increase sales. Travel agency Yatra.com has also been consolidating user insights to offer increasingly personalised experiences to customers.

A joint study by NASSCOM and CRISIL Global Research & Analytics estimates that the Indian big data industry will grow from USD 200 million in 2012 to USD 1 billion in 2015, at a CAGR in excess of 83 percent. A recent IDC Data Survey also found that around 36 percent of the information from India would be valuable only if it were to be analysed. With the opportunity clearly defined, it is critical for businesses to encourage talent that is able to effectively plan and manage the mining of big data elements and utilise the insights derived from these analytics.