How Big Data can Transform Business Processes?
Digitization has redefined many industries. And as the digital revolution progresses there will be an even greater need to create new, address information, to exploit the digital opportunity offered by Big Data. Gartner says that IT managers (CIO) and data managers must take the initiative to anticipate and capitalize on this digital redesign.
As per Gartner, the analysis of the information collected will lead to the transformation of the data and eliminate 80 percent of business processes or products by 2020. It will be responsible for the huge amount of data generated by the Internet of things, intelligent devices (Smart devices), and automation and digitization of the next event.
Gartner also predicts the birth of a new industry – intermediate entities in the collection and analysis of data. Already in 2017, 30 percent of data available to individual companies will come from specialized companies to analyze specific data sets coming from consumers concerning the macro-environment, describing patterns of actions and events – the climate, the geopolitical situation, trends in the behavior of customers and employees.
Around 20 percent of the products and solutions-oriented consumers will supply a wide range of information about their users and use the same practices. The rapid spread of the Internet of Things will create a new style of data analytics thanks to the ever cheaper sensors that are or soon will go to all types of new products.
According to the analysis firm, data have become a vital business growth element and its complexity makes it unable to succeed without the leadership focus. And is that while some departments of the organization, such as Research & Development and Marketing accelerate the exploitation of digital opportunities based on data, other areas such as Legal and Human Resources are properly concerned with adaptation to regulations and protection of reputation and information assets of the company.
Companies such as IBM, Cisco, HP today offer tools for analysis of complex data. Analytical consulting firm IDC estimated that the market for big data analysis services in 2014 was worth more than $16 billion, growing six times faster than the entire IT industry. IDC also predicts cloud-based big data and analytics will grow three times faster than spending on-premise solutions in 2018.
In a few years about 80 percent of the information that companies requiring to process or come from external sources. Of that total, in 2020, according to IDC, 33 percent could provide valuable information for the business. According to a survey by Gartner (with the participation of 410 CEOs and senior executives), 20 percent of CEOs of large organizations already have responsible digital data to drive innovation in their organizations.
In the face of changes in access to information and the emergence of new types of data, the company is waiting for radical evolution of business models that will need to respond to the challenges of big data and related socio-technological phenomena.