Big Data- Some Questions Unanswered

Incorporated in 1993, 3i Infotech is a public global Information Technology company committed to empower Business Transformation. A comprehensive set of IP based software solutions coupled with a wide range of IT services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Banking, Insurance, Capital Markets, Asset & Wealth Management (BFSI).

- Mohua Sengupta

Digitalization of the economy has resulted in data being the world’s newest resource for competitive advantage. Every digital process, or social media exchange gives rise to data. Big Data is arriving from multiple sources at an alarming volume at a very high velocity and in a variety of forms. Making value out of these enormous data is the biggest challenge that organizations face today. Big Data has frequently been defined by the four Vs: Volume, Velocity, Variety and Value.

Big data is changing the way we do business, it is shifting decision making from a select few to a large mass of individuals who are all equipped with information to make better decisions at all levels.

Organizations need to develop a clear strategy around Analytics and how it can align with their overall business strategy, instead of piecemeal big data projects arising out of individual group imperatives. Below are a few things to remember before embarking on a Big Data journey:

• Never start with the technology but with the business need

• Start by identifying some simple use cases which can be easily understood from a business relevance perspective

• While the overall strategy should be guiding the initiative, it’s better to start small with the end goal in mind, with open source products, and a small set of people. A pilot or POC with concept and underlying technology would be a good idea.