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Change in business landscape: Big Data

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The start-ups and even the prominent companies are now using data- focused strategies to outpace the competition.

In healthcare, clinical data can be reviewed treatment decisions based on Big Data algorithms that work on aggregate individual data sets to detect nuances in subpopulations that are so rare that they are not readily apparent in small samples.

Banking and retail have been early adopters of Big Data-based strategies. Increasingly, other industries are utilizing Big Data like that from sensors embedded in their products to determine how they are actually used in the real world.

Big Data is useful not just for its scale but also for its real-time and high-frequency nature that enables real-time testing of business strategies. While creating new growth opportunities for existing companies, it is also creating entirely new categories of companies that capture and analyse industry data about products and services, buyers and suppliers, consumer preferences and intent.

What can Big Data analytics do for you?

*Optimise Operations

The advent of advanced analytics, coupled with high-end computing hardware, has made it possible for organizations to analyse data more comprehensively and frequently.

Analytics can help organisations answer new questions about business operations and advance decision-making, mitigate risks and uncover insights that may prove to be valuable to the organisation. Most organisations are sitting upon heaps of transactional data. Increasingly, they are discovering and developing the capability to collect and utilise this mass of data to conduct controlled experiments to make better management decisions.

* React faster

Big Data analytics allows organisations to make and execute better business decisions in very little time. Big Data and analytics tools allow users to work with data without going through complicated technical steps. This kind of abstraction allows data to be mined for specific purposes.

* Improve the quality of services

Big Data analytics leads to the generation of real business value by combining analysis, data and processing. The ability to include more data, run deeper analysis on it and deliver faster answers has the potential to improve services. Big Data allows ever-narrower segmentation of customers and, therefore, much more precisely tailored products or services. Big Data analytics helps organizations capitalize on a wider array of new data sources, capture data in flight, analyse all the data instead of sample subsets, apply more sophisticated analytics to it and get answers in minutes that formerly took hours or days.

* Deliver relevant, focused customer communications

Mobile technologies tracks can now track where customers are at any point of time, if they’re surfing mobile websites and what they’re looking at or buying. Marketers can now serve customised messaging to their customers. They can also inform just a sample of people who responded to an ad in the past or run test strategies on a small sample.

Where is the gap?

Data is more than mere figures in a database. Data in the form of text, audio and video files can deliver valuable insights when analysed with the right tools. Much of this happens using natural language processing tools, which are vital to text mining, sentiment analysis, clinical language and name entity recognition efforts. As Big Data analytics tools continue to mature, more and more organisations are realizing the competitive advantage of being a data-driven enterprise.

Social media sites have identified opportunities to generate revenue from the data they collect by selling ads based on an individual user’s interests. This lets companies target specific sets of individuals that fit an ideal client or prospect profile. The breakthrough technology of our time is undeniably Big Data and building a data science and analytics capability is imperative for every enterprise.

A successful Big Data initiative, then, can require a significant cultural transformation in an organisation. In addition to building the right infrastructure, recruiting the right talent ranks among the most important investments an organization can make in its Big Data initiative. Having the right people in place will ensure that the right questions are asked – and that the right insights are extracted from the data that’s available. Data professionals are in short supply and are being quickly snapped up by top firms.(Mahendra Mehta & Vibhanshu Bisht, IANS)

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Indian firms increase cyber security budgets: Report

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New Delhi: To combat the increasing threats of cyber attacks, Indian companies have stepped up their budgets on cyber security solutions multiple times, according to a study released here on Tuesday.

“Cybersecurity is indispensable. Organisations in India are looking towards innovative cybersecurity solutions, and we have seen a 25 percent compound annual growth rate (CAGR) in security budgets over the past five years, which support this trend,” Sivarama Krishnan, leader-cybersecurity, PricewaterhouseCoopers (PwC) India said.

According to PwC Global State of Information Security Survey 2016, done by PwC, CIO and CSO the average number of information security incidents in India detected by respondents increased by 117 percent over the previous year, increasing from 2,895 last year to 6,284 this year.

Attacks on industrial control systems (ICSs) and consumer technologies showed a marked increase. Losses as a result of incidents also surged by 135 percent over the previous year and the average cost per incident increased by close to 8 percent.

Connected to the emergence of cloud-based systems, Big Data and Internet of Things (IoT) are ascendant technologies that present a host of cyber challenges and opportunities.

In the case of Big Data, often considered a cyber liability, 49 percent of respondents are leveraging data-powered analytics to enhance security by shifting it away from perimeter-based defences and enable organisations to put real-time information to use in ways that create real value.

“Not only are leaders adopting innovative solutions, but even fundamental security technologies and practices have seen wider acceptance, and organisations have evolved to master the basics. This has improved security postures of organisations throughout the country,” Krishnan said.

Over 70 percent of respondents employ cloud-based security solutions, which have emerged as an effective way for organisations to efficiently combat cyber threats.

“Organisations are also deploying Big Data analytics to manage insider threats; almost 28 percent have plans to employ Big Data analytics for improving security in the next 12 months,” the report added.

(IANS)

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Green tech, big data in focus at Indo-Russia knowledge exchange

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8516590-russiaBy NewsGram Staff Writer

Kolkata: Green tech, super-computing and big data are stated to be some of the current thrust areas in the knowledge exchange between India and Russia.

Ashutosh Sharma, secretary of department of science and technology, revealed that apart from student exchanges which form an essential component of bilateral cooperation in the scientific field between the two countries, industrial component is also present in collaborations.

“There is a general co-operation in the form of student exchanges, scientific collaborations and bringing in some technology from there (Russia) to here (India); so there’s an industrial component in the joint collaborative projects.”

Further, Sharma told media persons on the side-line of the 60th anniversary celebrations of National Atlas and Thematic Mapping Organisation (NATMO), “Energy needs, green technologies, super-computing and big data are the thrust areas under a new agreement.”

He added that as many as 70 super-computers will be installed in India in phases in five to seven years as part of the Rs 4,500-crore National Super-computing Mission which is being jointly handled by the departments of science and technology and electronics and information technology.

 

(With inputs from IANS)