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The challenges and benefits of Big Data

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The large scale gathering of data from a variety of sources and the application of sophisticated analytical tools to make sense of that data is quickly becoming the new frontier for organisations seeking competitive differentiation. The BPO and outsourcing industry is playing a pivotal role in developing the processes that overcome many of the challenges associated with big data analytics.

What is Big Data and Big Data Analytics

big-dataThe amount of data in the world is rapidly growing at an exponential rate. The term ‘big data’ refers to data sets of structured and unstructured data that become so large that they become unwieldy. Big data sizes are a constantly moving target currently ranging from a few dozen terabytes to many petabytes of data in a single data set.

Enterprises are generating huge amounts of transactional data about their customers from their internal ERP, CRM and BI systems. Annually the CBA handles over 120 terabytes in customer emails alone. Fuelled by social media, Gartner predicts that worldwide IP traffic will quadruple by 2015. Arindum Dutta, director, Global Business Analytics & APJ BPO, HP Enterprise Services, comments, “Data from social media sites, videos, emails, text messages, and mobile transactions contain a wealth of information, and this unstructured data is growing exponentially.”

‘Big data’, is becoming a key basis of competition, underpinning new waves of productivity, growth, innovation and consumer services. ‘Big data’ offers a range of opportunities for organisations, but there are also some significant challenges.

At the 2012 SSON conference held in Melbourne, recently Mok Choe, chief technology officer, from the Commwealth Bank Group, gave a presentation on the big data strategies being deployed at the bank. The CBA believes ‘big data’ will make their business smarter, better, faster, stronger, by delivering the following results:

  • Facilitating targeted growth, enabling margin expansion and predicting future demand
  • Analysing customer interactions and behaviours for retention, reaction and competitive advantage
  • Identifying economic trends, detecting fraud and threats and future customer preferences
  • Supporting capital allocation, salesforce deployment and risk management

Articles from the Sauce Newsletter

Quick, Call Analytics! We Have a Crime to Detect – Cops Use Big Data!

Data Analytics segment most attractive in the Indian KPO sector

Big Data – The new frontier of outsourcing and BPO

Associated whitepapers and articles

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March 6, 2013
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