Ascent Transformation Series-Part 3_ 5th November_TOI

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WHAT IS ASCENTTRANSFORMATION

SERIES (ATS)?It is a special editorial feature

conceived jointly by the editorialteam of Ascent and the faculty ofIFIM Business School.This is a one-of-its-kind attempt to bring theacademia and corporate fraternityon a single platform.

E V E N T R E P O R T

RAVI GARIKIPATI,PRESIDENT,

INNOVATION LABS, [24]7 INC:

“Big Data analysisrequires skill-sets that

are different fromconventional roles in

analytics”

NAVNEET KAPOOR,PRESIDENT AND MD AT

TARGET INDIA:

AMOL MAHAMUNI,PROGRAM DIRECTOR, IBMINDIA SOFTWARE LAB:

“Businessestoday are facing anew challengewith respect todata volume,velocity and variety”

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For any lineof business

and acrossbusiness sectors, thevolume of data is go-ing up exponentiallyand this includesdata at rest as well asdata in motion,which is real-timedata from a varietyof sensors and actua-tors. The biggestchallenge is varietyof data, that too bothstructured as well asunstructured data,with about 75per cent ofdata being un-structured,which is moredifficult tohandle, coming infrom a variety ofdata sources, such astext, sensor data, au-dio, video, clickstreams, log files andmore. New insightsare found whenanalysing these datatypes together. Imag-ine monitoring hun-dreds of live videofeeds from surveil-lance cameras to tar-get points of interestor exploiting 80 percent data growth inimages, video anddocuments to im-

prove customer satis-faction. The rate atwhich this data ar-rives has dramatical-ly changed over timeand hence velocity ofdata is another ITchallenge that busi-nesses have to copeup with. This datacould be streamingvideo data comingfrom surveillanceunits or rate oftransactions datacoming from stockmarket or Twitter

data comingfrom varioustweets. Today,we need to scru-tinise five mil-lion trade

events created eachday to identify poten-tial fraud andanalyse 500 milliondaily call detailrecords in real-timeto predict customerchurn faster.

Big Data has be-come the backboneof all businesses to-day. It's not about a‘system of records’alone but a ‘systemof insights’. For in-stance, the telcom-munications busi-ness can derive valueby preventing cus-

tomer churn throughcall pattern analysisand promotionsmanagement. It canbe used in healthcareto handle a varietyand volume of datalinking hospital in-formation systemwith clinical trialsfor personalisedmedicine. Similarly,retail business todaycan optimise on sup-ply chain or promo-tions through social,sentiment and clickstream analytics. Inshort, Big Data is bigROI and this is evi-dent from the factthat we could getover 20 per cent de-crease in patientmortality byanalysing streamingpatient data inhealthcare or over 90per cent decrease inprocessing time byanalysing network-ing and call data intelcommunications.Big Data is usedacross industries to-day for key applica-tions such as stockmarket sentimentanalysis, recommen-dation systems, med-ical diagnostics, etc.

Big Data can provide solu-tions that can drive incre-

mental revenues – for ex-ample through better targetingconsumers with the right offer atthe right time. It can provide so-lutions that create a better con-sumer experience through under-standing consumer intent andproviding solutions that are per-sonalised. Big Data analytics re-quires very different skill-setsfrom conventional analytics solu-tions. These analytics profession-als need to have cross-functionalskills ranging from data manage-ment/manipulation and pro-gramming to statistics, machinelearning and mathematical mod-

elling. Finally, Big Data analyticsrequires skills in managing andbuilding models with structured,semi-structured and unstruc-tured data. This requires very dif-ferent skill-sets from convention-al analytics.Big Data today is almost omnipresent. People use Big Datadriven analytics to drive value indiverse fields such as –� Driving revenues in e-commerce;� Driving recommendations to

consumers in various webapplications such as social media,online retail, ads, etc;

� Healthcare applications includingdiagnosis of diseases;

� Social sciences – predicting electionoutcomes and econometric models.

The businessenvironment

is changingrapidly with in-creased connec-tivity and global-isation. Re-quired raw ma-terial can be pro-cured at one location;manufactured at an-other and marketedelse where. Virtually,it can be anywherein the world. Withmore and more elec-tronic channelsavailable, large vol-umes of digital dataare generated w.r.tsuppliers, customersand with the socialmedia being used fordigital marketing,one can know in real-time how the con-sumer taste is chang-ing. Such huge vol-umes of data cannotbe analysed in real-

time or near real-time using conven-tional computing

technology.

THE INDUSTRIESWHEREIN THEVALUE OF BIG

DATA CAN BE LEVERAGED ARE:� Retail functions:� Target segment

identification;� Loyalty

management;� Customer

experience;� Customer attrition

management;� Brand perception.

� Banking, finance andinsurance:� Real-time trading in

global markets;� Adherence to

compliance andcountry regulations;

� Real-time frauddetection;

� Risk management;� Anti money

laundering;� Financial inclusion;� Cross-selling and

up-selling.

� Manufacturing:� Demand forecasting

and inventorymanagement of alarge number ofSKUs (Stock KeepingUnits);

� Supply chainmanagement;

� Collaborativeplanning anddesign.

� Healthcare:� Genome mapping;� Drug discovery;� Patient care using

real-time data;� Analysis of

correlation betweentreatment andoutcome.

Watch excerpts of Ascent Transformation Series using Alive

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BIG DATA,BIGROI

ADVERTORIAL AND PROMOTIONAL FEATURE

“Big Dataanalysis opens

new avenues thatwere difficult to

accomplishbefore”

In today’s world, we canharness data for informa-

tion to help us make betterand faster decisions across all in-dustries in a variety of func-tions. With almost every organi-sation now focusing on data andanalytics, there is a tremendousdemand for skilled talent in theindustry. Staying current onevolving customer preferencesand meeting their increasing ex-pectation are challenging. Maxi-mum advantage can be derivedacross all departments such asoperations, finance, sales, inven-tory, supply chain, transporta-tion and more. Retail has beenundergoing a massive transfor-mation since the big wave of In-ternet came into play, and thepace of change in retail has beenaccelerating ever since. The ad-vent of digital technology, socialnetworks, analytics and new de-vices has led to an omnichannelrevolution. As retailers evolve intheir omnichannel journey, ana-lytics-driven differentiations arekey to providing guests with rele-vant shopping experiencesacross physical, online and mo-bile channels. Big Data analysisopens avenues that were difficultto accomplish before.

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DR CHANDRASEKHAR SUBRAMANYAM, SENIORPROFESSOR AND DIRECTOR OFBUSINESS ANALYTICS CENTRE ATIFIM BUSINESS SCHOOL:

“Due to the availability of manyelectronic channels, large volumes ofdigital data are getting generated”

Ascent Transformation Series’ third paneldiscussion delved into the need for adopting bigdata analytics to attain bigger business outcomes

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