Why analytics is crucial for the 21st Century Enterprise
21st century enterprises have to grapple with the proliferation of data, resulting from rapid digitalization and the emergence of Internet of Things (IoT). Only 20% of the data generated is visible to computer systems and the percentage is likely to shrink to 7% in the next two years. The voluminous amount of untapped information or “dark data”, presents an opportunity to maximize the potential of big data analytics for deriving actionable insights.
In this age of the digital revolution, innovation sits at the top of many CEOs' priority lists, and CIOs have a unique opportunity to lead their firms' responses with technology based business innovation. Innovation means lots of different things to different people, from shiny inventions to large-scale business transformation, and innovation's role varies greatly depending on a firm's business model. Data and analytics have become backbone pillars for these large-scale business transformations.
With customer centricity taking main stage, companies would like to know its customers, their needs, and preferences through the diverse channels of engagement. This will help them change the engagement model and experience to better serve customers, enhance promotions, and boost consumer involvement in its services. As this Digital journey unravels, many more questions will take center stage beyond the technology around what skill sets are required in our organization, where Digital organization resides, how use case driven projects will be executed keeping in mind the ROI etc.
Key influencers: market movements that shape analytics
Before fathoming the implications of dark data for the future of analytics, it is important to understand the significant influencers in data and how data trends are changing with the unprecedented IoT revolution.
A significant portion of the data has been moved to cloud, endorsing the importance of cloud analytics, going forward. It is slated to grow 4.5 times in the next three-four years, and will usher in huge opportunities for enterprises.
Big Data-led applied analytics involving consulting and E2E implementation is at the cusp of rapid growth. This is a focus area for organizations, which are equipped to offer state-of-the-art solutions that can effectively address evolving customer needs. It is important to appreciate the larger picture – How the 4.0 REVOLUTION or the IoT REVOLUTION is changing the way data is stored, accessed and managed. The shift is clear – data now resides chiefly in the cloud as a singular and vibrant source for analysis and interpretation. Companies must therefore leverage the Cloud, Open Source innovations to embrace the transformation in data utilization.
There are number of solutions around large memory-optimized players such as SAP, IBM and Oracle and others infusing extreme processing innovation bringing speed on data processing. At least 90% of databases will be memory-optimized in the future. The self-service and open-source visualization expenditure is slated to grow 2.5 times faster than traditional tools, and there is a huge market for visualization services.
Additionally, data monetization efforts of enterprises will result in the consumption of their own data by 100-fold or more. The data monetization segment will see a leap of 200% to be worth $400 billion. The market is dominated by Google, Amazon, and other niche players. Alongside, the memory-optimized and self-service visualization space will grow to $24 billion and $22 billion respectively by 2020.
Future harbingers – the age of analytics
Prior to the advent of Big Data, key strategic planks included consolidation, automation, modernization, industrialization, and cost. The approach was traditional and canonical. But with Big Data, the drivers changed to agility, business outcome, innovation, efficiency, and persona.
The approach now is modular and pace-oriented.
At the core of this change was a revolutionary ‘disruptive force’ sparked by Big Data, open source, cloud, Internet of Things (IoT), and robotics and artificial intelligence.
The architecture framework for the management of data was also transitioned.
Earlier, onshore-offshore delivery models were being used and the stress was on structural quality. The processes made use of embedded intelligence, product vendor-driven solutions, and were primarily focused on change management.
Currently, processes are more consultative-led and use case-driven as well as modular. Open-source technology adoption is now common. Finally, the solution includes transformative new business processes.
The market expands – exponentially
A close look at the Big Data Analytics market reveals that it is highly fragmented. This market, which is forecast to grow to more than $94 billion by 2020, has a number of new entrants besides traditional players. Similarly, cloud-enabled analytics, which will see 25% growth and reach $23 billion by 2020, is another fragmented market.
The HCL approach
Access to large amounts of data from various sources and the computational and algorithmic firepower to process that data in near real-time; is undoubtedly the backbone of any Digital Transformation program and critical to become a 21st Century Enterprise. Advancements in Big Data and related domains are what have accelerated the Digital revolution. HCL is very strongly placed to be your strategic partner on your digital transformation journey with our BAS capability, under the Digital and Analytics Practice, which offers a full gamut of Big Data and Analytics.
The key to driving large-scale Digital Transformation is to ensure that end-to-end service offerings revolving around Data Integration; Device Integration; Design Thinking; Application Modernization; Cloud & Security; and DevOPS, Autonomics & Orchestration are seamless to deliver an enhanced experience to the clients.
HCL’s engagement model addresses these pressure points to enable organizations to holistically drive innovation – and become future-ready 21st Century Enterprises – empowered by Enterprise Intelligence Hub (EIH). HCL’s EIH is a unified Hub which is augmented with a variety of business capabilities and facilitates client to innovate on multiple business use cases such as customer experience, digital data enablement, predictive analytics, compliance reporting, faster time to market and analytics embedded point solutions.