Big data has been on the business radar for quite a few years now; you can’t miss the term when looking into any aspect of business and tech. So what is the latest for big data?
We took our round table events on the road last month as we headed off to Cloud Expo Europe in London. With back-to-back round tables at the top of our two-storey stand, we covered a multitude of cloud topics – from big data and IoT, to storage, security and the future of cloud. In our experience, bringing together a group of industry experts for round tables is the perfect way to get a real-world peek into what’s coming up in any given field, as well as learning fascinating business insights.
Big data was one of the main talking points throughout our IoT discussion and particularly how it can offer incredible business intelligence. From manufacturing to eCommerce, it’s clear big data is revolutionising businesses across many sectors and has been for some time.
Statistics say that worldwide revenues from big data and analytics software will grow from nearly $122B in 2015 to more than $187B in 2019 – an increase of more than 50% over the five-year forecast period.
Julian Perera, managing director of creative agency One Creations, believes that even though big data has been a buzzword for some time it’s recently really given some perspective in terms of customer behaviour. He believes companies can use big data to make business decisions that improve customer experience and overall satisfaction.
He said: “Over the last few years, big data has allowed marketers to market one to one. If you look at patterns of shopping we can use big data look at a person or group’s likes and dislikes. It’s fascinating. We work with some of the tech providers where it can get scary; you can go into a shop and big data understands where you are, and sends you an email with an offer to that shop. Some places don’t need to even take people to their website anymore, they can simply get them to click on the link in the email and it’d take them to the payments page.
“A huge amount of revenue can be generated, not by acquisitions but by working with the data that you have. Over the next few years this will be a really mainstream way of marketing.”
John Twomey, CEO of software development agency Emutex, agrees that big data is where the future of business lies. He believes big data is helping companies become more efficient.
He said: “A lot of businesses are struggling with what IoT and big data actually is. Fundamentally businesses want to improve the operational efficiency of everything – and I think it’s important to take a big leap of investment when it comes to big data.
“We always advise on focussing on something small first. What efficiency do you want to improve? It’s a learning process and it evolves; a lot of companies need educating on it. It really is an education piece – only a fraction of businesses understand what IoT actually is.”
So from knowing everything about everyone, to boosting efficiency; big data is no longer just a buzzword or a distant concept, it’s a real business tool that generates real business value.
Take a look at our experts’ top tips on how to make the most of big data.