Industry voice: Unlocking the true potential of big data

Introduction

It is very easy to think that at the most fundamental level, big data is simply about capturing and searching information – lots of it – and the cloud is our modern day filing cabinet. When a traditional filing cabinet is completely full it is impossible to fit any more information in, very difficult to find the right files and nearly impossible to directly track, compare or understand the data within.

The cloud, however allows for organised and accessible data. Every time you search, shop, share, tweet or update your status, new pieces of personal information are added to your file. There are numerous files, in hundreds of different filing cabinets in thousands of virtual locations, forming big data.

Insight is key

However, what people really want is actionable insight, not large amounts of data. They want clear information that allows them to quickly analyse and act on that information. In that sense, big data can be a misleading name. Big data should be about understanding the cause and effect in the data that allows us to predict what will happen next and respond to it before it does.

This is opposed to the current information model in most companies, where people have to make guesses based on outdated information in Excel spreadsheets that have trickled down over many days or weeks from management reports.

Every action that takes place within an enterprise creates a unique digital footprint. These footprints can come from a myriad of sources – from industrial machines to hundreds of thousands of sensors giving out instant real-time information. All of these footprints contain valuable information.

While there are multiple rewards to be earned from harnessing these footprints – big data – there are, in turn, multiple challenges: the magnitude of the data being created, the flash flooding of database systems, and the time consuming nature of traditional data integration methods. Enterprises are further challenged by the escalating demands required by the line of business for real-time analytical insights.

The conversation about big data is infrequently about the information itself. More frequently it becomes about the technology – the ability to store, analyse and leverage it. Indeed, only by using the right tools can the true potential of big data be unlocked. Masses of data that can't be explained or understood can be very limiting and not very useful. Technology should be able to 'connect the dots', irrespective of form and source.

Understanding the consumer

Technology has become integral to most parts of life. Human beings have evolved into a new state of social intelligence; perceptive, mistrustful, quick to share and savvy. Loyalty in the connected age is exceptionally rare. People choose convenience, speed and function over heritage or brand. We know when we're being 'sold to' and can easily check for a better offer.

Understanding these evolved consumers will be crucial if any business wants to offer a unique customer experience and build trust in order to achieve customer loyalty. Big data is absolutely vital to the future of all businesses, shops, banks and media alike, as it can offer agility. The right tools can help with sentiment analysis, correlating sentiment from social media and other channels with CRM and other enterprise data to better enhance satisfaction and loyalty.

Big data – or rather, 'their data' – is the key here. A two-way stream of digital communication, a mutually beneficial exchange of data is essential to achieve this, which will allow businesses to understand the customer and respond to their needs accordingly. Digitalisation only works if all the components are properly connected, otherwise they do not work with true efficiency.

There is no doubt that the rules of the game are changing. Today we generate, collect, and retain vast quantities of information. This is creating challenges in terms of infrastructure costs and software upgrades. While harnessing this data can create unprecedented opportunities, clients today are struggling to achieve ROI on their current BI and analytics investments.

The four Vs

While enterprises are well aware of the "four Vs" of big data – volume, velocity, variety, and value – they continue to struggle with executing a strategy to address them. The reality is that doing nothing is not a choice. To become a leader, remain efficient, and become more competitive and profitable, you have to harness and leverage your big data.

Taking data across various channels, media, and languages, and then organising it all by relevant concepts, patterns, and sentiment is not easy. Yet big data can be tamed regardless of how daunting the task may originally seem, with the right tools and processes in place.

As an example, HP and NASCAR teamed up to design and build the Fan and Media Engagement Centre (FMEC) to help NASCAR track real-time media for its growing 75 million fan base and in order to be able to attend to their needs. This is essentially a real-world application that converts many bits of disparate data into relevant, profitable big data from start to finish.

Organisations need to take a step back and see how big data transforms business. A customer service call has the potential to transform an internal process, while tweets and likes can lead to a design innovation. Connected data suddenly reveals patterns and relationships, opening up new opportunities. The moment to tap the full potential of big data is now.

Integrate or perish

The solution for businesses is to integrate their new data strategy into their overall IT services strategy. There should be no excuse any more for disparate departments – from marketing to call centre, everyone should be unified with a single view for the benefit of the customer firstly, and of the business consequently.

In order to monetise data, organisations need tools that can help them separate the data that are crucial and can provide insights for business development. HP's Haven is such a tool and it does exactly that – it can 'navigate' through data and provide valuable insights for a variety of business purposes. From capacity planning to targeted advertising, data insights can help deliver different versions of an ad campaign to subscribers based on their interests and purchase histories, or analyse historical attack activity to help predict when a company is most likely to be targeted – and what action to take.

Big data will be the norm in the coming years, as the internet of things expands, embedded in everything, including the products and services companies buy and sell, changing not only the way businesses interact with customers, but the way they operate as a whole.

Holistic view

The businesses that will best utilise big data capabilities will effectively take the lead by transforming the relevant insights into informed business decisions. Data quality is a big part of big data management, so the first step toward this approach would be to map all data in order to better understand what exists and what is needed. The next step of analytics is predictive maintenance; information governance is key to unlock all organisational potential.

Crucially, the key to unlocking big data is looking at the holistic capabilities of it. The big data journey is a long one, but with the right tools and processes in place, the vast amounts of information that our new social and technological being has created can be harnessed and used for great good.

• Mateen Greenway is Chief Technologist for the HP Public Sector.

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