I recently interviewed some of Australia's leading IT professionals from a range of different industries, here is a snapshot of the responses:
Why is implementing a big data (or data) strategy important to your organisation?
"Hydrocarbons are intangible assets to the energy business until after massive investment is made to produce them. The only way to describe these assets prior to drilling is through data which is often difficult and expensive to acquire. Therefore high data quality and rigorous data management are critical to production success. Massive amounts of data are captured and analysed. In the past, storage, CPU and memory (RAM) have been the limiting factors controlling the amounts of data that can be analysed at any one time. New technologies such as IBM's SPSS and Hadoop allow us to work on much larger data-sets and reveal features and patterns not previously apparent."
Andy Moore, Information Systems Manager, Subsurface, Santos Limited.
"We are driven by research and data is increasingly driven by data. The days of science being driven by theoretical models ala Einstein and E-mc2 is now being caught up/overtaken, by researchers deriving new theories to interpret the data from experiments. Biology is a great example of this. Sequencing the genome and looking for gene mutations to identify what mutation might be involved in causing in disease X is a common phenomenon. The major (grand) challenges are also increasingly interdisciplinary. Understanding genetics of health with environmental data, social data, geospatial data etc etc and it is clear to see that managing the deluge of data is essential."
Prof. Richard O. Sinnott, Director, eResearch, Melbourne University.
"The ability to access detailed information in a retail organisation enables sales analysis, product mix analysis and identification of business trends to be undertaken on a regular basis. Developing a strategy that ensures data can be analysed effectively can contribute towards achieving a competitive advantage. Harnessing big data enables a retail business to use information creatively and effectively to drive business efficiency and profits. Data analysis is used by The Coffee Club to assist with site selection, franchisee selection, new product development, franchisee benchmarking, customer loyalty trends and product mix trends."
Kym Warner, CFO, The Coffee Club.
To hear more from these business leaders and to learn more about how data strategy is changing business, I invite you to âBig Data World Australasia' event, which is being held November 27th-28th, Melbourne, Australia.