Companies can see into the future. Big Data Analytics helps them do it
It’s too big, too complex, constantly growing and rapidly changing. Frost & Sullivan think this is how best to describe Big Data (BD). But what exactly is it? Let’s imagine a particular organisation, somewhere out in the world, and the data it produces every day. It’s a massive quantity of data, covering customer behaviour and their purchasing preferences, right through to statistics capturing developments in the market. Every single day sees a mass of similar such information added to the mass that has preceded it. In the process it becomes unstructured and hard to work with for non-specialist organisations. Tomáš Třmínek from the company Komix reckons the global size of this data runs to the billions of terabytes. What to do then with this astronomical quantity of BD?
The answer is straightforward: analyse it. Adastra, the Czech business consultants, think that Big Data Analytics (BDA) is essential for enabling a business to recognise its customers, map all their mutual interactions, and respond directly to their demands. With the help of BDA products can be custom designed, formulas for customer behaviour identified, and sales procedures improved. Research by Frost & Sullivan confirms that BDA is gradually becoming indispensable within companies: 90% of respondents who already use BDA described it as the most important technology in the entire company. At the same time, 86% of them supposed that BDA usage would be essential in future for every company if they were to retain their competitiveness.
BDA as future forecasting
BDA is fast becoming a corporate crystal ball. Frost & Sullivan argue that BDA enables companies to predict various situations and not just react when they eventually occur. According to Jan Chalas from the Czech company Servodata, the reality today is that banks, for example, have risk management departments who will use social networks to find information about clients looking for a loan. An analysis and evaluation is carried out on the information such people share on Facebook, Linkedin, Twitter and other social networks, which banks can use to make effective decisions as to whether or not a prospective client is solvent. These analyses offer almost unbelievable opportunities in business, whether on the part of providers or on the part of business in in receipt of BDA solutions. Frost & Sullivan report that today the most popular BDA systems are those dealing with analysing finance and discovering data.
Startups committing their futures to this area
Startups all over the globe are devoting themselves to BDA systems. A Californian example is the technology company Big Panda, which uses BDA to enhance the smooth operation of all its customers’ IT services. Of the many Czech firms working in BDA, one name on everyone’s lips is GoodData, which provides its customers with reports and tools for administering company data. Other startups engaged in BDA include the British company Tamr, US firm Domo, and Californian startup Arcadia Data.
Video: Here you can check out a TEDx talk given by “Data Innovator of the Year 2013” Charlie Stryker about big data and its impact on all our lives.
Big Data Analytics is one of the topics of this year’s JIC STARCUBE, the longest running Czech accelerator. Startups can hand in their applications up until 7 August 2016. Since 2010, 72 start ups have entered JIC STARCUBE. Teams work their way through three months crammed with knowledge, workshops, meeting up with mentors and forging links with global technology companies. They get a helping hand and financial support to test and prototype, to access legal and tax services, for marketing, as well as contributions to cover their travel and accommodation costs. Successful companies who have gone through the accelerator include, for example, GINA, Reservio and one of today’s fastest growing startups, Kiwi.com (formerly Skypicker). Learn more about the accelerator by going to www.jic.cz/en/starcube.