Sector News

Data driven decision making fueling Big Data adoption

August 19, 2019
Sustainability

Big data is considered as the next huge transformation in data management and analysis. Many businesses around the world have employed big data technology in their operations to help them analyze the consistently generated data.

The big data technology’s adoption has shown lots of promises and is very popular among end-use industries. As big data adoption continues to spread, and integration with artificial intelligence and cloud becomes more streamlined, further growth is projected. The global big data technology and services market is poised to reach a valuation of over $118.52 billion by 2022 growing at a CAGR of 26.0% from 2015 to 2022.

Data-Driven Decision Making Continues to Fuel Adoption of Big Data Technology

Over the years, there has been a significant shift in how businesses make critical business decisions. Traditional intelligence and assumptions have given way to data-driven, fact-based decision making, which has helped the cause of adopting big data solutions.

The change in status-quo has been one of the key factors for the growing adoption of big data technology and services in various end-use industries. As more businesses realize the advantages of big data in decision-making, it is highly likely that the adoption of big data technology and services will grow at a steady pace in the short- and long-term.

The big data analysis and information have also helped lots of businesses bridge the challenges associated with agility and stakeholder empowerment. Businesses have always faced an uphill task in finding that elusive balance between coordination and decentralization.

Traditionally, businesses depend in everyone’s opinion before making big decisions. However, it comes with the risk of slowing down the decision-making process in a hyper-competitive environment.

The RACI framework, which has been referred by businesses to reduce ambiguity on choosing the right authority on decision-making, is becoming easier to navigate as access to data, makes the entire decision-making process a seamless affair.

Integration of Big Data Technology with Traditional Business Intelligence – The Way Forward?

Integration of big data technology and services with traditional business intelligence is seen as the way forward for businesses focusing on quick fact-based decision making and improvement in customer experience.

Business intelligence has been a reliable tool for companies to understand their target audience more intimately; however, the high turnaround time has remained an impediment. The incorporation of big data has mitigated this challenge to an extent, which in turn has fueled adoption among end-users. In the future, it is highly likely that big data and business intelligence will become highly intertwined.

Banking, Financial Services, and Insurance (BFSI) Industry Continues to be at the Forefront of Adoption

Although the adoption of big data technology and service has become widespread, the financial and insurance sectors have remained at the forefront of adoption since the early days of big data. The sheer volume of data generated daily in these industries has necessitated the adoption of holistic data monitoring, gathering, and analysis solutions.

Some of the critical challenges facing the BFSI sector include unorganized data, fraud identification, and operational inefficiency. The use of big data technology and services has helped assuage some of these challenges to a great extent.

According to current estimates, revenues generated from the adoption of big data technology and services are likely to reach over US$ 33 billion in terms of revenues by 2026.

Inclusion of Big Data Technology and Services Gaining Ground in the Healthcare Sector

Big data has massive potential in the healthcare industry, with proponents touting benefits ranging from epidemic prediction and reduced cost of treatments. Although electronic health records (EHR) have been a staple in the healthcare sector for quite a while, their efficacy is limited to the medical history of patients. Big data, on the other hand, promises a comprehensive, holistic data analysis that can help healthcare providers in managing the massive volume of data.

The insights offered through the inclusion of big data technology and services can help healthcare providers improve their profitability while improving the care received by people.

Big Data in Governance: Helping Policy Makers Make Better Decisions

In addition to growing adoption in the private sector, big data technology and services are also being incorporated in governance and administration. Governments around the world have a difficult task of collating variable data about hundreds of millions of people. The collection of data and its organizations costs hundreds of millions of dollars in government expenditure.

Although big data can’t entirely replace the manual and physical process in all the countries, its integration with traditional data collection practices can help in the seamless and quicker collection of data.

Overall, the prospects of big data technology and services seem bright, and their rapid adoption across a range of end-use industries can further contribute to the growth of the market around the globe.

By Ilker Koksal

Source: Forbes

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