reaping the benefits of big data and real time analytics

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  • E-Guide

    REAPING THE BENEFITS OF BIGDATA AND REAL-TIMEANALYTICS

  • PA G E 2 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    he majority of enterprises are either em-barking on initiatives related to big data or intend to do so in the near future; however, most IT organizations do not have an ar-

    ticulated big data strategy that ties technological solutions to busi-ness goals and objectives. This E-Guide explores how organizations can embrace big data and real-time analytics to deliver immediate improvements in business performance and gain a competitive edge on rivals.

    T

  • PA G E 3 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    BIG DATA ANALYTICS: ARE TODAYS IT ORGANIZATIONS EQUIPPED TO REAP THE BENEFITS? George Philip

    Market-leading enterprises have been investing heavily in analytical appli-cations to derive competitive differentiation, market growth, revenue maxi-mization, cost optimization, and to address aspects like regulatory reporting requirements. They make thousands of decisions every day at different levels of the organization with differing degrees of complexity, impact, frequency and predictability.

    Typical operational decisions are highly structured, repeatable and made at a higher frequency based on well-documented decision logic and a structured decision-making process. Due to this, the degree of automation of these pro-cesses tends to be high with the exception of human collaboration in decision making that is too complex to automate. Operational decisions individually have low impact on the overall organization; however, they can have significant impact if viewed collectively.

    On the other hand, strategic decisions tend to be highly interactive based on

  • PA G E 4 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    non-routine, unstructured and ad hoc analysis. Though higher-level decision processes could be defined for some of the decisions of a repeatable nature, the degree of automation possible is low given the high degree of collaboration re-quired among the decision stakeholders. These strategic decisions tend to have a low degree of repeatability and frequency, yet individually they have a high impact on the organization. Though these decisions tend to be made at differ-ent levels within the organization, they are highly interconnected. Identifying, capturing, analyzing and managing these interconnections tend to be critical for overall decision-making effectiveness.

    It is because of these interconnections that organizations are beginning to look beyond standard business intelligence (BI) and reporting to take bet-ter advantage of emerging data sources, optimize business processes, gain deeper insights, address complexity, reduce regulatory risks and evaluate new business scenarios in order to leverage competitive differentiation. While BI implementations are typically meant for tracking and managing business key performance indicators (KPIs), advanced analytics implementations provide more far-reaching organizational benefits. Typically, operational decision making is supported by descriptive and diagnostic analytics that tend to focus on the past and present while strategic decision making needs to be supported

  • PA G E 5 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    with predictive and prescriptive analytics approaches that can look into the futuristic business aspects.

    NEW DATA SOURCES

    Traditionally, organizational transaction data with limited attributes tended to be the mainstay of business intelligence and advanced analytics. Today there are new, burgeoning sources of data available that can enrich limited organizational data with additional attributes that can describe an entity in a much more detailed manner. For example, it is now possible to enrich the information available about a customer from within the enterprise transac-tion systems with additional customer attributes that have been gleaned from external social engineering interactions, marketing interactions, customer service interactions, complaints interactions, maintenance interactions and other similar sources to give a richer picture of the customer and his/her inter-action with the enterprise. This enhanced understanding about the customer typically improves behavioral modeling capabilities, resulting in better predic-tion of organizational interventions and likely outcomes. This data increases the organizational ability to attract and retain more profitable customers who will improve both top line and bottom line growth.

  • PA G E 6 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    SHORTCOMINGS OF TRADITIONAL APPROACHES

    These new sources of data tend to be of much higher volume, velocity, variety and complexity and include unstructured text, weblogs, voice data, machine data and other variety of non-traditional data structures. Traditional approaches for tackling these new big data sources tend to be inefficient, and organizations are gradually being forced into the adoption of relatively new data management approaches like Hadoop, HDFS, MapReduce, stream ana-lytics and related architectural constructs that can programmatically analyze these data structures for faster decision making.

    Major business opportunities for big data are not limited to decision mak-ing or incremental improvements. Big data can transform the business and dis-rupt the overall industry through asking and answering highly computational questions that were never possible before. This has the potential for radically changing existing business processes, and opening the door for the introduc-tion of new processes, new products and services that are aimed at the prover-bial market of one customer segments that were previously out of reach.

  • PA G E 7 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    BIG DATA STRATEGY

    While line of business is highly enthused about the deeper business benefits foreseen from these additional information sources, most IT organizations today are facing a challenge in adopting big data concepts to augment their existing information management paradigm. Though most enterprises are ei-ther embarking on initiatives related to big data or intend to do so in the near future, most IT organizations do not have an articulated big data strategy that ties technological solutions to business goals and objectives.

    Many big data initiatives are originating from within business units, and this increases the pressure on IT organizations to get adequately prepared to support them. Low-cost big data processing solutions are permitting deploy-ment of such solutions at a much faster pace than previous technological ad-vances in this area. Many IT organizations also tend to primarily look at big data from a volume perspective. Volume by itself is transitory in nature with ad-vancing hardware architectures able to consume them at a faster pace; hence, more focus needs to be placed on addressing the variety, velocity and complex-ity aspects. Business benefits tend to be higher while addressing these aspects.

    In this scenario, it is the right time for IT organizations to take the lead in developing an enterprise-wide big data strategy. One of the first steps in this

  • PA G E 8 O F 1 4 S P O N S O R E D B Y

    Home

    Big Data Analytics: Are Todays IT Orga-nizations Equipped to Reap the Benefits?

    Real-time analyt-ics brings BI data directly into business operations

    REAPING THE BENEFITS OF BIG DATA AND REAL-TIME ANALYTICS

    journey is the evaluation and selection of all architectural and infrastructural components to ensure ability to adequately support anticipated growth in vol-ume, velocity, variety and complexity aspects of data. Data governance, policies and controls need to be augmented to ensure all big data sources and use cases are adequately managed to prevent emerging business and regulatory risks. Because big data implementations require specific data management, quality, preparation and analytics skills, specific focus needs to be on obtaining these skills at the right time.

    Once a carefully planned enterprise-wide big data strategy is in place, the floodgates of new advanced analytics capabilities can be opened to leverage the enhanced business value derived from these new data sources.

    GEORGE IS currently Vice President & Global Practice Head of Analytics & Information Management at Mindtree. George has decades of hands-on experience in architecti

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