Big data has been recognized as the next substantial transformation in global data analysis and management. Businesses around the world have incorporated big data in their procedures to make sense of the seeming myriad data created on a constant most basic. The adoption of big data technology and services has grown at a strong pace among end-use industries. As big data becomes more mainstream, and integration with cloud and artificial intelligences becomes more streamlined, further growth is projected. According to a recently published report, the global big data technology and services market is poised to reach a valuation of over US$ 184 Bn. fusionex founder
Data-Driven Producing decisions Continues to Gas Adoption of massive Info Technology and Solutions
More than the years, there has been important shift in how businesses make critical business decisions. Assumptions and traditional intelligence gathering has given way to fact-based, data-driven decision making which has furthered the source for adopting big data alternatives. The change in status-quo has been one of the key factors for the growing adoption of big data technology and services in a variety of end-use companies. As more businesses are realizing the features of big data in decision-making, it is highly likely that adoption of big data technology and services will grow at a constant pace in the short- and long-term.
The information big data analysis brings to the fore in addition has helped businesses bridge the challenges associated with speed and stakeholder empowerment. Businesses have traditionally faced an uphill task in conditions of finding that evasive balance between agility and decentralization. Counting in every person’s viewpoint before making big judgements is the utopian concentrate of businesses, nevertheless , it also comes with the likelihood of slowing down the decision-making process in a hyper-competitive environment. The RACI framework, that can be referred by businesses to minimize ambiguity on choosing the right authority on decision-making is becoming simpler to navigate as access to data makes the whole decision-making process a seamless affair.
Integration of Big Info with Traditional Business Cleverness – The Way Ahead?
Integration of big data technology and services with traditional business intelligence is being looked on as the way forward for your business focusing on quick fact-based making decisions and improvement in customer experience. Business intelligence has been a reliable tool for companies to know their target audience more thoroughly; however, the high recovery time has remained an impediment. The incorporation of big data has mitigated this challenge to an extent, which in switch has fuelled adoption among end-users. In the future, it is highly likely that big data and business intelligence will become highly intertwined.
Banking, Economical services and Insurance (BFSI) Industry Continues to be at Forefront of Usage
Although adoption of big data technology and service has been pervasive, BFSI sector has always recently been at the forefront of adoption since the early on days of massive data. The sheer amount of data produced on a daily basis in the BFSI industry has necessitated the adoption of the alternative data monitoring, gathering, and analysis solutions. A few of the key challenges that the BFSI sector currently faces include fraud identification, unorganized data, and operational inefficiency. The inclusion of big data technology and services has helped alleviate many of these difficulties to a great magnitude. On the back of these improvements, there has been an important penetration of big data in the BFSI sector. According to current estimates, revenues created from adoption of big data technology and services will likely reach over US$ 33 billion in words of revenues by 2026.