Saturday, April 20, 2013

BIG DATA ANALYSIS

Internet and technology if used judiciously can create immense potential for an organization to grow despite of many hurdles even fighting with the recessions. Business which is built over several years with diverse business and product segments, having several geographical existences creates huge data which is often ignored while meeting the targets every new financial year. In my own career when I have witnessed that if proper data analysis is being executed particularly in distribution and insurance companies the huge business growth can be achieved from existing data of clients rather than focusing on acquisition of new clients. Understanding the business pattern and clients minds for future business growth data analysis is very important.

The Indian IT industry is now heading for an big change over where data analysis is going to create the next revolution for many industries who dreams to become the leader with every changing times. Earlier is used to be an challenge to store the same data for understanding the changing consumer pattern across geographies and products segment is the key to growth. Internet has reduced the gap of data availability followed with an easy and efficient availability of the data. Just imagine that sitting in a remote place in India one can find out what is happening across the globe within a fraction of seconds.

High value and profitable business can be grown from analysis of the data which would lead to new product innovation. In fact innovation would find the seed of its birth from efficient data analysis. Proper data analysis can help to create lucrative packages for consumers so that business can grow. Gartner an American based technology trend research company states that from 2013 onwards many big companies would enter into the space of data analysis. Since global slowdown as created a dead lock for market expansion hence understanding the old pattern of business and its clients would fetch the sustainability and innovation of new business products and strategies. Bosch Technologies, Mahindra & Mahindra are the several companies who have acted well on these steps and created huge shareholders value in the long term.

From agriculture to toothpaste everywhere big data analysis can be implemented to unlock the huge innovation of products and better pricing. Big data analysis is already used extensively in inventory management but now we need to carry forward the same to more segments is the biggest challenge. As for cost management we need proper data analysis to design the costing structure, in the same way we need to understand the consumer minds and its preference. Innovation of products, services and pricing depends upon the big data analysis. Innovative pricing can only happen when big data analysis is being executed but by an third party and not by the own company. Since often data analysis can turn out to be a disaster if one has predefined objective from the data analysis.

Its not only about Big data analysis but it’s about creating solution and strategies for the business. Well after the debacle of 2008 this has been rising business sustainability strategy. The best way to use Big Data analysis is not to expect what you want to get out of that but to find the unexpected. That the prime or the pivotal point of doing data analysis. Just like innovation labs we need solution provider big data analysis companies. Since if an company applies Big data analysis then it might get into the trap of limited expectation of results hence sit better to pass of the analysis and to find the unexpected business patterns and consumers to the third part analysis companies.

Social networking sites also plays and creates huge potentiality of big data analysis and hence we need to come up fats with companies where experienced industry analysts would help to create the solutions. Experienced industry experts are the best candidates to open third party big data analyst companies. Their diverse business experience would help to create the solution. The future of the industrial revolution is dependent on big data analysis. But avoid the death trap of predefined objective based big data analysis.

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