Big Data – is it a buzzword that scares you? According to Gartner, Big Data refers to high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making.
Sounds like a mouthful? It certainly does.
Well, Big Data is not that difficult to comprehend. Many IT, data analysts, business intelligence and CRM experts are turning their attention to Big Data in recent years. Indeed, the feedback from Big Data World Asia 2012 last November revealed that organisations in general are recognising the power of Big Data and acknowledges its importance. However, many are still hesitant on how they should tap on this powerful resource to their advantage.
To put it in simple terms, our speaker from Big Data World Asia 2012 broke the BIG word down to three simple elements: Big Data is all about making the DECISIONS, doing it (ACTION based on decisions), and finally taking a close look at the outcomes (RESULTS) of what you have implemented. Contexti's Founder & CEO, Sidney Minassian, shared the following tips on Big Data:
- Embrace, support and empower Big Data
- Think of Data as a profit centre
- Think about the Data Scientist in an enterprise
- Think agile, and learn from success or failures
- There is no one killer solution
Recognising how Big Data is a power of change and its usefulness, how then should an organisation tap on the customer insights to improve the offerings to their customers and target audience? Let us take a look at an interesting case study by Singapore's National Library Board.
Lee Kee Siang, Chief Information Officer of National Library Board spoke about how the library tapped on analytics to improve the user experience of book readers and to encourage more people to stay connected to the library. NLB moved on from the traditional way of encouraging readers to physically visit libraries to borrow books and search for relevant content. With an Enterprise Business Intelligence system in place, NLB has built a more flexible environment for readers who would like to access content from the library.
Download Kee Siang's full presentation to find out more about NLB's strategy and how it worked out for them.