FEATURE : BIG DATA
Hamandi said consider banking , where Big Data not only enables financial institutions to better understand their customers and boost their satisfaction , but it also helps them minimise risk and fraud while maintaining regulatory compliance .
He said when it comes to healthcare , providers that effectively manage Big Data can uncover hidden insights that improve patient care and lead to better outcomes . “ Manufacturers can similarly boost quality and productivity while minimising waste and adhering to sustainability goals . The applications of Big Data in every industry are increasing rapidly ,” he said .
Hamandi pointed out that dealing with Big Data and attempting to mine information without the right tools can be overwhelming . “ Organisations need an analytic and data management platform designed to transform raw data into operational insights , which will support the whole analytics lifecycle . It should enable the creation of models that are both stable and highly accurate using proven techniques and advanced technologies such as Machine Learning and AI ,” he said .
Jagdish Mitra , Chief Strategy Officer and Head of Growth , Tech Mahindra , said the obvious drives for enterprises to embrace data-driven decisionmaking include : modernising the data architecture , embracing automation and AI , usage of ethical AI , data democratisation , privacy and security , employees ’ data literacy in the digital era , and , most importantly , a shift in the enterprise ’ s mindset and culture .
“ CIOs , CTOs , and CAOs must step back and establish an enterprise-wide strategy to harness the value of data for their enterprise and integrate AI to enable sales , marketing , and operational excellence . This means that their architecture needs to enable both data professionals and non-technical decision-makers with the tools that will stop them from making decisions based on gut feelings and anecdotes ,” he said .
Mitra said many corporate and government enterprises are leveraging data-driven insights for improving customer service , reducing operating expenses ( OPEX ), creating new business streams , and achieving overall business efficiency .
“ As per the estimates by International Data Corporation ( IDC ), the world ’ s digital footprint is estimated to reach approximately 160 to 180 zettabytes ( ZB ) by 2025 . As Edge Computing becomes more important than ever , it is estimated that close to 30 % of the world ’ s data will be processed on the Edge .
“ Also , according to the Mckinsey report ; today , only a fraction of the data from connected devices is ingested , processed , queried , and analysed in real-time due to the limits of legacy technology structures , the challenges of adopting more modern architectural elements , and the high computational demands of intensive , real-time processing jobs . Moreover , Big Data today is changing to small as well , so we may need to accrue to it ,” he noted .
Mitra said companies often must choose between speed and computational intensity , which can delay more sophisticated analyses and inhibit the implementation of real-time use cases . However , he added , this will change in the near future as data generated , processed , analysed , and visualised for endusers is dramatically transformed by new and more ubiquitous technologies , such as kappa or
Abed Hamandi , Senior Director , Professional Services – Emerging EMEA – SAS
lambda architectures for real-time analysis , leading to faster and more powerful insights . p
Jagdish Mitra , Chief Strategy Officer and Head of Growth , Tech Mahindra
CIOS , CTOS , AND CAOS
MUST STEP BACK AND ESTABLISH AN ENTERPRISE-WIDE
STRATEGY TO HARNESS
THE VALUE OF DATA FOR THEIR ENTERPRISE AND INTEGRATE AI TO
ENABLE SALES , MARKETING , AND OPERATIONAL
EXCELLENCE .
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