Big Data and the Big Opportunities
Big Data” helps in Big opportunities to create business value. The explosion of mobile networks, cloud computing and new technologies has given rise to incomprehensibly large worlds of information. The term “big data” encompasses more than structured and transaction-based data. It also includes videos, RFID logs, social networking conversations, sensor networks, search indexes, environmental conditions, medical scans, “data exhaust”-the trail of clicks through the Internet produced by web surfers-and more. Anything that can be digitized can produce data about who is using it, how they are using it and possibly even why they are using it. Big data isn’t always new data; sometimes it’s existing data looked at in different ways. Today, there is more data being produced than computer networks are capable of transporting.
How it is helping organizations in their growth
Since Big Data comprises both, structured and nonstructured data like videos, RFID logs, social networking conversations, sensor networks, search indexes etc. The rapidly shifting dynamics of competition, coupled with a deluge of data, create new challenges for, business and its leadership team, across all sectors who want to tap into the power of information to make better and more timely decisions about how their companies can best compete, grow and create new sources of value. Information has become a potent source of competitive advantage-on par perhaps with an organization’s capital assets and human talent. Organizations from a variety of industries that are successfully using information to revolutionize how they compete and do business.
Information advantage through Big Data is about cultivating the mindset, skills, processes and technologies to use information to operate more efficiently, increase customer loyalty, grow market share and create business opportunities that were not possible before. When used correctly, big data can yield insights to develop, refine or redirect business initiatives; discover operational roadblocks; streamline supply chains; better understand customers; as well as develop new products, services and business models.
Right tool, right result
Successfully leveraging big data insight requires a real investment in proven technologies, updated workforce skills and leadership focus. Organizations must combine three facets of strategy-technical, organizational, cultural-in order to implement a big data platform that suits the business and its objective.
Big data techniques complement business intelligence (BI) tools to unlock value from enterprise information. Whereas BI traditionally performs structured analysis and provides a rear-view mirror into business performance, big data analytics provides a forward-looking view, enabling organizations to anticipate and execute on opportunities of the future.
Usefulness in Media and Entertainment
The future of Media and entertainment industry is going digital. Almost all TV and FM Radio channels use computers to produce & store content, schedule, play and also create play logs. Same is the case with Multiplex industry where most of the chains have already migrated to digital platform. Introduction of IOT, AI and Big data to the business process will change the industry perception from business and customer point of view. The analytics from the Big data will help in deep understanding of customers and their expectations. The data will help in improving customer loyalty programs. The data blending and analytics shall help in deriving timely insights for strategic decision making. Both predictive and basic analytics can be used to better understand the needs of the movie goers frequenting theaters.