trends in big data & business challenges

#DataTalk Trends in Big Data & Challenges

LIVE TWEETCHAT

Join our #DataTalk on Thursdays at 5 p.m. ETWe recently tweeted with Sushil Pramanick, the founder and president of The Big Data Institute.

Check out all tweets from this Twitter chat:

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Has your definition of big data changed over the years?

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Technology has evolved rapidly and will continue. Businesses will need to use it as an

enabler to a new and changing business model.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Big data analytics will join forces with AI and impact our daily lives for better with smarter,

self-learning and AI devices.

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What challenges do businesses face when it comes to big data?

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Identifying right skills and most important where to look for that golden nugget.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Finding the right data, right time and right skill and partner.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

UseCase identification with measurable business outcomes driving innovative products,

solutions, services, and business models.

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What steps can companies take to overcome big data challenges?

Engage business early and have business led analytics projects that can

be tied to business outcome.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Analytics has to be a business ledor driven initiative and NOT a technology

adventure or a side project.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Build skills in-house by leveraginginternal domain expertise.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Retool existing resources and build high performing team in house.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Companies are lost in collectingdata and storing data instead

of analyzing data.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Spend 80% analyzing data insteadof 20% analyzing (flip the 80:20 rule).

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

As big data gets bigger, how should businesses plan for the future?

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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The definition of ‘future’ varies by industry and is shortening with

fast evolution of technology.

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Technology is getting outdated in 2 years unlike over a span of10 years about a decade back.

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Businesses need to plan accordingto specific industry needs and

technology will enable it.

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Be an innovator or the first is the key to being a leader.

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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More and more data will be produced.90% of world data is produced in

last 2 years. Finding insight is key.

What does a business need to get right about big data?

Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Many organizations focus moreon collecting and storing data

rather than analyzing data.

Mike Gross@MyGrossLife

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Garbage-in, garbage out.Data quality is imperative to

maximize big data value.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Organizations need to engage right skills and consulting help

instead of leveragingonly internal knowledge.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Focusing on data quality to the nth degree to get 100% accuracy

is not a valid approach as it is a diminishing return.

How has big data changed the way that a consumer-facing

organization does business?

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Today with Cloud, infrastructureset up is reduced to days from weeks and months.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

The big data analytics has madepossible for consumer facing

organization to provide personalizedservices and products.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Every customer or consumercan get unique treatment fromhealthcare, medicine/drugs to

personalized services.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

The marketing campaigns hasbecome targeted based on individual

consumer profile, social behaviorand prior experience.

What big data trends are you noticing right now?

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Internet of Things is the immediateone with connected devices,

connected cars, wearable gadgets,smart sensors, and so on.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

How we buy things, what we watch,what we eat and drive,

how we sleep will all get impacted by personalized products.

What can companies do to take advantage of any of those trends?

#DataTalkSushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Data is the new oil! Leverage data to predict future.Raise your analytics maturityto predictive to prescriptive.

#DataTalkSushil PramanickFounder, The Big Data Institute@BigDataSpeaker

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Mission measurement, changingthe way organizations invest in

philanthropic causes to forecast social impact program outcome.

Any final tips for businesses working in big data and analytics?

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Don’t wait for others to make theleap till it becomes too late for you.

Crawl, Walk and Run.

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Sushil PramanickFounder, The Big Data Institute@BigDataSpeaker

Big or small, you need to board the ship! Fortune 500 firms

in 1955 vs 2014; 89% are gone.

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