New products and services are just in the wings of dawning which will design the future of business models. Well this is not a New Year speech which is being re-written by me. The Big Data analysis market is about to take new shape and turning in this year. Those who have worked in Big Data analysis segment must be aware of the two segments BBD and ABD—before big data and after big data. Or, to use a naming convention matched to the topic, we might say that Analytics 1.0 was followed by Analytics 2.0. Now it’s the time to go for 3.0. This will bring a revolution in the data management and data analysis segment.

New players emerge, competitive positions shift, novel technologies must be mastered, and talent gravitates toward the most exciting new work. Managers will see all these things in the coming months and years. The ones who respond most effectively will be those who have connected the dots and recognized that competing on analytics. But all these will be happening in 2014 prior to that we need to encapsulate what has happened in 1.0 and 2.0 big data analysis segment.
The field of business analytics was born in the mid-1950s, with the birth of tools that could produce and capture a larger quantity of information and discern patterns in it far more quickly than the unassisted human mind ever could.

From there the journey of Big data analysis began but in India it was just now.1.0 was the beginning of understanding the business phenomena and giving managers the fact-based comprehension to go beyond intuition when making decisions. It was the birth of systematic process driven business decision making process. This was the 1st step towards the first time, data about production processes, sales, customer interactions, and more were recorded, aggregated, and analyzed. This phase can also be termed where the era of the enterprise data warehouse, used to capture information, and of business intelligence software, used to query and report it.

Computer data and software analyzer took a huge jump a created the next level of data analysis. One of the biggest bottle necks was that the analysis was painstaking and slow, often taking weeks or months to perform since the supportive software was not capable enough.

Well after this the 2.0 phase began, about which we are known.  The basic conditions of the Analytics 1.0 period predominated for half a century, until the mid-2000s, when internet- based and social network firms primarily in Silicon Valley—Google, eBay, and so on—began to amass and analyze new kinds of information. Companies created new capabilities of IT infrastructure to store and capture the Big Data. This is the same time that Indian companies started exploring the huge opportunity of IT but data analysis was at nascent stage. The only deep focus was to create the same values of IT infrastructure in India like the developed economies. In this process we became the Back Office of the global economy. This back office leads to capture of huge data in these several years from 2000 to till date. In these years the global economy took a major change in business process and the same was witnessed in India. Machine- learning methods (semi-automated model development and testing) were used to rapidly generate models from the fast-moving data. Black-and-white reports gave way to colorful, complex visuals. This is the place where presentation skills and analytics took shape in India. One more thing I would like to accentuate that during 2.0 engineering models were created which changes the manufacturing process of the developed economies.

Now we are stepping into the shoes of 3.0 where data analysis is about begin to reshape and redesign the business process. The pioneering big data firms in Silicon Valley began investing in analytics to support customer-facing products, services, and features. They attracted viewers to their websites through better search algorithms, recommendations from friends and colleagues, suggestions for products to buy, and highly targeted ads, all driven by analytics rooted in enormous amounts of data.3.0 is nothing but the game of competition where one would play to thrive over the other in terms of better process, services and customer satisfaction.

If your company makes things, moves things, consumes things, or works with customers, you have increasing amounts of data on those activities.3.0 is the just the beginning of new markets and products. I find entrepreneurs and innovation would find a huge growth from the Big Data analysis.

Written By
Indranil Kripabindu Sen Gupta