Big Data: Smart Technologies Provide Big Opportunities
Big data has garnered big-time buzz as an effective means to optimize business and measure success. This concise report provides an introduction to the elements of big data and how smart technologies are playing a big role in the information game.
Published on: Mar 3, 2016
Transcripts - Big Data: Smart Technologies Provide Big Opportunities
NATIONAL ASSOCIATION OF
What is Big Data Analytics?
It is the ability or need to process data with:
Volume Velocity Variety Analytics
The quantities of data are
significant and require
The speed of data
processed allows it to
be used in real time.
The types of data vary in
time and context, and it is
not a fixed data model.
Many statistical techniques
are used simultaneously
to gain insight from data
helping businesses make
Sanjay Agarwal, principal of Deloitte Consulting,
says “Supply chain analysis is an untapped
opportunity for many organizations that have
data at their disposal but lack either the tools
or the knowledge to exploit it,” notes Agarwal.
“Our experience shows that manufacturing
companies can realize a margin improvement
of 2 to 4 percent by applying more analysis to
the data they already have.” Big data, properly
analyzed, says Agarwal, can help companies to
employ parametric pricing, predict commodities
volatility, and mediate any issues that arise from
merger and acquisition integration. (Vasan 2015)
Why is it called Big Data?
The speed of data generation is increasing.
(University of California 2000)
“Every day, we create 2.5 quintillion (2.5 x 1017
bytes of data—so much that 90% of the data in the
world today has been created in the last two years
alone. This data comes from everywhere: sensors
used to gather climate information, posts to social
media sites, digital pictures and videos, purchase
transaction records, and cell phone GPS signals to
name a few. This data is big data.” – IBM
data in 2000
2 million GB
250 million GB
data in 2015
The amount of data you can leverage in real time =
The size of your opportunity
Big Data is collected
from a VARIETY of
Smart Logistics Opportunities
Intelligent Highways with
warning messages and diversions
according to climate conditions
and unexpected events like
accidents or traffic jams.
Control of routes followed
to maximize efficiency or to
Information collection to
send real time alarms in
emergencies or to provide
advice to drivers.
and assets control.
Supply Chain Control
Monitoring of storage conditions
along the supply chain and product
tracking for traceability purposes.
Big Data and
The process of examining and exploring
large amounts and different types of data
to uncover any trends or patterns that may
help with business decisions and strategies.
The analysis of data can reveal important
information about operations, trends,
Value-Added Services for the
Big Data = Big Opportunities
• Digital services based on Big Data
analytics capabilities represent an
• Some companies are already converting
products into product-service hybrids—
intelligent physical goods capable of
producing data for use in digital services.
• These services enable companies
to create hybrid business models,
combining the benefits of operational
efficiency with recurring income streams
from digital services.
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