EDITOR ’ S QUESTION
VOLHA SMIRNOVA , INTERNET OF THINGS & ANALYTICS BDM ,
EMEA CENTRE OF EXCELLENCE , SOFTWARE AG
In organisations with no Big Data mining approaches , integration challenges keep arising , mainly due to the lack of connected sources and systems .
Big Data as a concept is gaining popularity in business with new approaches to B2B integrations , data-driven decision-making and greater business agility . Other challenges facing enterprises may involve customer experience which needs to be modernised , and talent scarcity in organisations – especially when it comes to ecosystems with heavy dependencies on IT .
These days , the average company with 200 – 500 employees uses an average of 123 SaaS applications to run multiple operations and organise a better data collection . While selecting the right tools is imperative , what comes prior is the purpose of data mining .
If there is a system in place to glean the information , it ’ s with the help of IT / OT to optimise resources , reduce costs and better manage risks .
Moreover , when a tool is selected to mine information , the same tool must be implemented to improve the experience of the customer . In organisations with no Big Data mining approaches , integration challenges keep arising , mainly due to the lack of connected sources and systems , which slows productivity and data access .
The main challenge in operations is the disconnected project or programme management and enterprise architecture practices . Another risk , which becomes clear when organisations are optimising Operational Expenses ( OpEx ), is the indiscriminate cost cutting with no connection to business strategy . This all happens when data is stored in siloes .
To solve immediate challenges , businesses turn to external contractors to cover their periodic needs . And this approach is flawed because , again , immediate isolated improvements undermine the long-term challenges and vision .
According to the BCG Global innovators survey : committed innovators are winning ( which are only 40 %), with 60 % of them , as reported , generating a rising proportion of sales from products and services launched in the past three years . What this means is that Big Data is becoming a source of creating new revenue streams and launching new data-enabled services , rather than activating new production cycles and modernising on the product or manufacturing cycles .
However , the reality of the matter is that most organisations don ’ t achieve maximum value from this data as they store it for ‘ future use ’ without analysing it in real time . With this , they lose out on what we know as perishable insights , whose value exponentially diminishes with time . Another key contributor of lack of achieving maximum value is also due to the disconnect between the domain experts who understand the business and the data scientists who analyse the data . CIOs should therefore aim to empower all employees with data skills , for example by investing into technological enablers such as selfservice analytical tools .
Big Data is becoming a source of creating new revenue streams and launching new data-enabled services .
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