What are you going to offer in Big Data in 2013? What are the product and services roadmap that you have prepared for this theme?
Big Data was one of the top priorities of CIOs in the past few years. In 2013, Big Data makes its move into the list of the CEO. With the innovative technology to handle Big Data becoming mainstream and more affordable, companies have put the necessary infrastructure in place. The race is now on to make the best use of the data to deliver value.
The Big Data topic has always been dominated by data generated by social media sites. However, it is the analysis of other sources of data which already exist in the organisation that will drive transparency, operation efficiency, cost reduction and changes to business processes. The technology required to create value out of the large volumes of internal data from disparate sources were out of reach of most companies previously.
Data needs to be collated, processed, analysed and made available to users who require it to make better decisions in a timely manner. The advances in the technology to enable this:
- In memory technology which processes millions of rows of data in seconds.
- Analytics software which not only delivers highly visual results in business user friendly format, but is also easier to use, making it accessible to more people instead of a handful of data analysts.
- Mobile technology which allows information to be instantly available on mobile devices like smartphones, tablets anytime, anywhere.
It is no longer sufficient to have information the next working day, the next week or the end of the month. Your customers, shareholders, suppliers, competitors have information in their fingertips and you are expected to have it too.
What are the industry developments that you think will occur in Big Data?
The Big Data revolution is expected to continue to disrupt established industries and current business models.
For instance in the banking industry which has been operating in a tough economic environment, under increased regulatory pressure and managing changing customer behaviour, Big Data is both a challenge as well as an opportunity. Optimal use of technology will be the differentiator. Two examples of Big Data use which SAP will be launching in 2013 are:
- Liquidity Risk Management - Greater than 250 million cash flows can be processed in a second. This enables the bank to manage their liquidity risk in real time. Decisions can be made based on facts at any time; there is no longer a need to wait for hours or days for data.
- Fraud Management - Fraud can be detected as it happens in real time so that appropriate actions are taken immediately.
Sign up for CIO Asia eNewsletters.