Databases Reference
In-Depth Information
New Business Models
There is a growing awareness and realization that big data analytics platforms are enabling
new business models that were previously not possible or were difficult to realize.
Utilizing big data technologies and processes holds the promise for improving operational
efficiencies and generation of more revenues from new and/or enhanced sales channels.
Enterprises have already realized the benefits obtained by managing enterprise data
as an integral and core asset to manage their business and gain competitive advantage
from enhanced data utilization and insight.
Over the years, tremendous volumes of data have been generated. Many enterprises
have had the foresight not to discard these data and headed down the path to establish
enhanced analytical capabilities by leveraging large-scale transactional, interaction data
and lately social media data and machine-generated data. Even then, Forrester estimates
that only 1 to 1.5 percent of the available data is leveraged. Hence, there is the tantalizing
picture of all the business opportunities that can come about with increased utilization of
available data assets and newer ways of putting data to good use.
New Revenue Growth Opportunities
The big data age has enabled enterprises of all sizes ranging from startups to small business
and established large enterprises to utilize a new generation of processes and technologies.
In many instances the promise of overcoming the scalability and agility challenges of
traditional data management, coupled with the creative usage of data from multiple
sources, have enterprise stakeholders taking serious notice of their big data potential.
McKinsey's analysis (summarized in Figure
1-2
) indicates that big data has the
potential to add value across all industry segments. Companies likely to get the most out
of big data analytics include:
•
Financial services: Capital markets generate large quantities of
stock market and banking transaction data that can help in fraud
detection, maximizing successful trades, etc.
Supply chain, logistics, and manufacturing: With RFID sensors,
•
handheld scanners, and on-board GPS vehicle and shipment
tracking, logistics and manufacturing operations produce vast
quantities of information to aid in route optimization, cost
savings, and operational efficiency.
Online services and web analytics: Firms can greatly benefit from
•
increasing their customer intelligence and using it for effective
cross-selling/up.
Energy and utilities: “Smart grids” and electronic sensors
•
attached to machinery, oil pipelines and equipment generate
streams of incoming data that can be used for preventive means
to avoid disastrous failures.
Media and telecommunications: Streaming media, smartphones,
•
tablets, browsing behavior and text messages aid in analyzing the
user interests and behavior and improve customer retention and
avoid churn.
