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HCL Technologies

The Analytics COE: the key to Monetizing Big Data via Predictive Analytics

The Analytics COE: the key to Monetizing Big Data via Predictive Analytics

The IT organization will need to invest in skills and technology around managing big data if they want to transform themselves into a profit center. In addition, IT will need to help analysts figure out how to work with both big data stored in No SQL systems combined with data stored in their current Enterprise Data Warehouses. While this is in itself a significant challenge it is certainly not the only issue. Storing and managing data is a necessary condition, the key to monetizing Big Data via Predictive Analytics is for IT to build an Analytics COE that understands the needs and challenges of the data scientist.

The cost of managing data with expensive relational based systems has dropped by orders of magnitude using No SQL based systems. In addition, one can even use Open Source Hadoop, and only pay for the hardware.Data that was either archived or thrown away can now be stored and managed with increasing flexibility and at a price point that is significantly more tolerable. While this is an important development the sea change is that the C level is now asking themselves can we improve customer experience by analyzing this data or are there secondary uses for this data (i.e. using it for something other than the original purpose for collecting it). The secondary purposes can include selling insight to third parties meaning IT can now be its own profit center.

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