An economy built on insight

Big Data is no longer a reference for a growing pool of useless techno-junk – it’s fast becoming the single most effective way to drive your business forward.

Not a day goes by, in my job at least, when someone isn’t talking about Big Data. And whether or not that stands true for you, too, it’s certainly a trend that impacts you in some way each day.

Therefore, Big Data has become an extremely over-discussed and perhaps under-utilized phenomenon.
I believe there are several reasons for this; one is that Big Data isn’t a technology we can pinpoint in the physical sense. We can’t point to a single product and say, “that’s Big Data”. And in the same sense, we can’t listen to a customer’s issue and say, “why don’t you just have some Big Data”.

What Big Data really represents is equal measures trouble and opportunity. The trouble is that we are producing an exponential amount of data – files, file copies, images, videos, admin, details, emails, etc. – and all of it needs housing. Moreover, the pace of technology evolution means that we’re constantly looking to upgrade systems and devices, leaving us with a bunch of data that needs rehoming.

But on the other hand, while we’ve got this data lying around, we might as well use it. This surge of information is hiding endless insights that can benefit your business.

Let me give you an example; in the banking sector, we’re used to receiving cold calls and spam mail offering us several types of services weekly – sometimes daily. You might get a call from your bank about a credit card that you’re fully aware you don’t want. You might tell them you’re not interested. At the same time, a different type of credit card might be offered through a letter in the post. At the same time someone else might call you to offer you a loan. And at the same time you might be searching the internet for the best mortgage. The constant barrage of unrelated and inconsistent information is enough to drive you away from your bank and seek new services. However, imagine your bank could analyze all the data gathered from your information, needs and concerns and consolidate that into a valuable chunk of insight. That information could be used to personally serve you more directly. In fact, your bank would have the ability to see your mortgage concerns, your lack of interest in a credit card and the fact that you had received countless letters regarding loans and cards that you’re not interested in. It could tailor-make a call designed just for you. It could approach you with the sole purpose of offering you the ideal mortgage package, possibly gaining business, as opposed to frustrating you with wasted time and offers you’re not interested in.

This consolidation of information and data is exactly where Big Data services come in useful. And many companies are taking advantage of these by taking the necessary steps to crunch their unstructured data into tangible business insights. This trend will most certainly push the economy forward, but only if it’s managed and used quickly and accordingly.

Unstructured data is building at a scary rate, and it’s essentially inexplicable text. Letting that get the better of you and your company is going to cause a strain on your storage, management and effectiveness of business. However, breaking it down and using it for business insights will offer up opportunities previously unheard of. It really is a Jekyll and Hyde trend.

In order to make businesses understand how they can best take advantage of this data influx, we’re inviting them to our premiere Big Data and Analytics Conference IBM Insight 2015, in Las Vegas.

With more than 1,600 in-depth sessions, thousands of experts and 120+ hands-on labs, you’ll learn countless ways to uncover hidden trends, recognize new revenue opportunities such as the aforementioned, and how to completely reinvent your company for the future.

(Nik Nesbitt is IBM’s General Manager for East Africa.)