Big data is no longer considered a buzzword, as it has been around for a while now. The technology is continuously evolving and remains the driving force behind both business and the many ongoing waves of digital transformation. In fact, more and more companies, both large and small, are using big data and related analysis approaches to outperform their peers. It is remarkable to witness how quickly this new form of predictive analysis has taken hold the way companies do business.
But as there are two sides to every coin, even technology has two faces, everyone has their own pick on this issue as well. Few consider big data as a disassembler of IT that has decoupled IT into two separate units – I & T where the primarily focus of ‘I’ has shifted from using technology to solve technological problems to using information to solve business problems and the significance of ‘T’ lies in the use of technology to solve technological challenges.
To take advantage of big data, organizations ensure that their technology stacks, such as storage, server, network capacity and analysis software tools are all advanced, which is a step ahead of traditional IT setup. Otherwise, with existing disruptive technologies, infrastructure will fall short, running inefficiently and thus leading to huge infrastructure costs.
Diverse, Dynamic and Dispersed
The concept of big data has reshaped the 3V’s of Data – Volume, Variety and Velocity – to the 3D’s – Diverse, Dynamic and Dispersed. This, in turn, has led to the creation of a new and improved version of IT.
Analytics & Reduced cost
In the big data world, analysis is usually done through algorithms and pattern matching techniques to make better business decisions thus meet customer satisfaction with reduced cost. The emerging use of heuristics and probability work has superseded the traditional statistical analysis and has streamlined & improved the overall IT processes.
New Leadership & Goals
The organization’s data centric approach and implementation of big data has led to introduction of several new designations such as Chief Data Officer, Chief Digital Officer, Chief Analytics Officer, Data Scientist and so on that has reshaped the organization structure and has transformed the traditional resource alignment and leadership hierarchy.
By knowing the market trends and customer mind set through advanced big data algorithms, an organization can easily develop go to market strategies to counter the market dynamics. This data driven strategy has helped many corporations to plan and modify the product development cycle to match with the market frequency, thus yielding better results and overall ROI.
With every new technology, comes new opportunities. Improved operational efficiency, customer satisfaction, increased revenue with reduced costs are few evidences of the business benefits that are attained from emergence of big data. Thus, to say that the big data is tearing IT apart would be incorrect. Rather, to say it is a technology that has revolutionized IT with all its, ifs and buts will be more relevant.
(The author is President – North America at Interra Information Technologies Inc. – a Global Software Services organization that delivers innovative business and technology solutions to Fortune 1000 companies.)