25 Nov 2013: Big Data is giving rise to markedly improved decision making and is having a significant impact on companies competitive differentiation and ability to avert risk. According to a recent survey 91 per cent of Indian businesses feel ‘Big Data will lead to better decision making’. As big data technologies are emerging, organizations need to develop data-driven decision-making skills.
BigData because of its propensity for size has opened doors previously unimaginable out of seemingly trivial data, interesting facts are emerging, with the very real possibility of changing completely how we perceive data. It has long been noted that data can be and should be converted to information, and information can and should be converted to knowledge. It also stands to reason that more the data, more are the chances of finding correlations between that data, and thus more the chances of converting to information and eventually to knowledge.
Monish Darda, CTO and Co-founder – Icertis, talking about conversion of data into knowledge said that BigData uses power of the cloud to figure out what excites people and how. This information is then correlated to their social profiles to turn the information to knowledge knowledge about behavior, buying habits and the characteristics of the individual. Once armed with that knowledge, better business decisions are just a step away what products to sell, how and where to position them, which colors to use, and what demographic of people to attract! Bottom line increased sales and increased profitability.