Reaping the rewards of big data

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Post on 19-Jan-2015

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In this document, learn about the features of Big Data and see how firms are leveraging big data for the benefits of their business

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1. Reaping the Rewards of Big Data A Wipro and Outsourcing Center Study1 2012 WIPRO LTD | WWW.WIPRO.COM 2. Overview2 2012 WIPRO LTD | WWW.WIPRO.COM 3. The Context Big Data EnvironmentThe current business environment is impacted by proliferating data, shrinkingbudgets and growing customer demands.Big data can drive both operational efficiency and quality, leading to cost andlabor savings and a competitive edge. Leveraging big data can also helpcompanies streamline processes, fighting fraud and reducing errors. Thus, business analytics is the key to obtaining actionable insights by leveraging the huge amounts of data that flood into organizations of all sizes and types.3 2012 WIPRO LTD | WWW.WIPRO.COM 4. Features of Big Data Variety extends beyondValue is another key structured, to parameter - measured as unstructured RoI delivered in tangibledata of all types and intangible terms Complexity Velocity dataBig Dataprocessing ofgets created inSpansdata for real time, across.. meaningful continuously insightsIdentified as one of the topVolume 10 technologies for 2012,Enterprises Gartner reports the size,easily amasscomplexity of formats and terabytes andeven petabytesspeed of delivery exceeds theof informationcapabilities of traditional datamanagement technologies;new technologies needed4 2012 WIPRO LTD | WWW.WIPRO.COM 5. A Wipro and OutsourcingCenter Study5 2012 WIPRO LTD | WWW.WIPRO.COM 6. Study objective and sample backgroundWipro and Outsourcing Center performed a survey that looked at howorganizations are managing and analyzing proliferating data, and determinedhow firms are leveraging big data for the benefit of their business.While not a comprehensive picture of how these organizations areapproaching big data, thesurvey results identify some general trends in this emerging area.Survey respondents were from retail, financial services,transportation/logistics, manufacturing, healthcare, telecommunications andother industries.6 2012 WIPRO LTD | WWW.WIPRO.COM 7. Survey Findings7 2012 WIPRO LTD | WWW.WIPRO.COM 8. Survey FindingsAre Big Data platforms essential toMore than half (57.6%) of the survey manage future big data challenges? (%)respondents replied in the affirmative. More than a quarter (27.3%) said big data is not a challenge but this outlook is likely to change in the future.15 Organizations of all types are challenged by the vast volume of data. There is also an added complexity of 27 58 managing data variety, velocity. However, opportunity the power of big data too. There is a chance to leverage the combination of enterprise data with new age data forms to obtain betterYes NoNot Sure quality insights about customers, operations, etc.In the future, the key challenge with big data will be its size and the fact that normalsoftware and processes cant handle it well.8 2012 WIPRO LTD | WWW.WIPRO.COM 9. Survey Findings Most Common Big Data Related ChallengesReporting data in real time and handling external data are the top two concerns of big datamanagement. 36.4% of the respondents faced each of these to challenges.33% of the respondents also reported that they were unable to analyze the data sufficiently due tostructural and other complexities.27.3% respondents also felt that lack of skilled/trained personnel was a challenge and also found itdifficult to transform analyzed data into actionable insights.Its important to identify what data is useful and have the appropriate methods and softwaretools to process them and use them effectively for analysis.It is also important that organizations evaluate every big data initiative thoroughly for thebusiness value it can deliver. Every big data initiative should have the potential to deliverquantum business benefits in a sustained manner.9 2012 WIPRO LTD | WWW.WIPRO.COM 10. Survey Findings How long has your organization had aOnly 4+% (4.5%) of the surveyedbig data strategy in place? (%)respondents have had a strategy in place for a prolonged time period. 414 42.4% are either just considering a strategy or dont have a strategy, nor considering one.5527 In times to come, organizations will look for ways to cost-effectively store and process all the sources of data to