Kathy Gibson at the IDC CIO Summit, Sandton – You know all about big data and analytics; and understand how it can help to transform your organisation: but how do you decide which are the right investments to make to get the most out of the technology?
The total big data market is estimated to be about $13,3-billion, says Vernon Turner, senior vice-president: enterprise infrastructure, consumer network, telecom and sustainability research at IDC.
Currently, 70% of all large organisations already purchase external data – and 100% will do so by 2019, Turner days. In parallel more organisations are starting to look at monetising their data.
But data utility, privacy and governance strategies are a key component for any company’s BDA strategy, something organisations might not be geared up to provide.
“The new value added content providers may be the key to monetising big data,” Turner says, “Don’t panic if you don’t have a data scientist in your organisation – the value added content provider could provide the resource for you.”
Digital businesses use thingalytics to combine realtime analytics and algorithms to maximise their investment in the Internet of Things (IoT) while minimising associated threats.
Riaaz Jeena, sales director at Software AG, points out that the digital age is causing a lot of disruption of business operations.
“Disruption is everywhere. Customer are more connected than ever. The ability of customers to interact 24/7 means we have think about how we communicate.”
The IoT also moves the conversation to devices and sensors, all of which product information. “It’s a complicated ecosystem,” Jeena says.
The resurgence of the risk manager is also becoming more evident as companies examine how big data and the IoT drive risk.
Currently, 30% of businesses have no big data plans; while 51% of businesses don’t know what is being gained.
“How do we take advantage of this?” he asks. Software AG’s answer is thingalytics, adding analytics to the IoT.
Realtime information now means the ability money in a number of environments, Jeena adds.
And things are no different: when added to objects they can start adding more intelligence to smart shipping logistics when combined with prescriptive and predictive analytics. Shopping is another opportunity, with location and context aware promotions increasing revenue.
When things are coupled with people, companies can mitigate potential regulatory violations before they happen, Jeena says.
“I believe that the IoT can be monetised, we can create different revenue streams,” Jeena says. “We believe there are opportunities to increase additional revenues streams. But what if we don’t? Could we avert disaster if we take advantage of the IoT?”