Price
discrimination and downward demand spiral are widely used analytical
concepts/practices in the Airlines and Hospitality industries
respectively, long before the term Big Data Analytics was even coined.
Incidentally, these concepts have been taught in global elite b-schools
for decades. So, how come Analytics, which has been there in practice
for decades experience a meteoric rise suddenly? To answer this
question, we need to get the Big Picture. Given below are key factors
that led to huge buzz around analytics today.
Proliferation of Data Sources:
Every
day we create 5 quintillion bytes of data. This comes from digital
footprints left on social media platforms, IoT sensors, wearables,
transactions to name a few. Interesting fact is that only 1% of data
collected is ever analyzed. To put into perspective all that innovation
and insights driven by analytics are from analyzing just 1% of the data
collected globally.
Change in Customers' expectations:
Today
connected customers expect personalized service on-demand based on
their digital journey and personal preferences anytime, anywhere and on
any device. Google's context-aware search engine results, AI powered
personal assistants from Google and Apple, Amazon's recommendation
engine have all made today's unforgiving connected customers to expect
the same level of customer experience from all brands they interact
with.
"Race to Zero" by Cloud Computing giants:
The cloud
computing price war between Amazon's AWS, Google and Microsoft dubbed
"race to zero" is well known. By late 2016, AWS has already made 52
price reductions and more price cuts are expected.
Advent of Hadoop - Hadoop:
open
source distributed file system with framework for data analysis and
transformation with high fault tolerance and reliability has broken
barriers to entry for start-ups and significant cost reductions for
enterprises like Yahoo Inc., whose Hadoop clusters span 40,000 servers.
Every company is a technology company:
Today
every company is a technology company. One prominent example is how
Domino's is turning more into a digital e-commerce player from a
traditional quick service restaurant through its Domino's AnyWare As
part of the program Domino's collects data from 85,000 different
customer touchpoints, to derive insights and drive growth. As a result,
Domino's was able to process about 55% of its orders online.
Urge to join the 'Big Data Analytics' Bandwagon:
Media
is inundated with Analysts reports with impressive projected and actual
CAGR of Big Data Analytics investment, and reports on how data-driven
insights helped enterprises solve real-life business problems and drive
growth. This has pushed Top Management of many Enterprises to jump the
Big Data Analytics bandwagon, before it's too late.
Open source
distributed platform coupled with massively discounted storage &
compute costs (cloud) have given Start-ups equal footing with
Enterprises in developing and launching innovative products leveraging
Big Data and Analytics, which was possible only by firms with deep
pockets until few years ago. On the other hand, heightened customers'
expectations have led to the digital transformation of Enterprises that
target to replace instincts-driven decisions with insights-driven
decisions. Both trends driven by factors mentioned earlier have led to
the explosive growth of Big Data Analytics witnessed today.
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