Big Data Utopia or Reality: Adding a New Dimension and Reducing Complexity at Once?
Big Data Utopia or Reality: Adding a new dimension and reducing complexity at once?
Are you tired of the Big Data Buzz? Big data can still be a big mess, but also a big opportunity for marketing efficiency, for customer service, and for risk prevention. I had the pleasure presenting to all GOSI (Global Outsourcing and System Integrator) partners of Informatica in Bangalore this week. In my session about “Big Data Analytics – Adding new dimension to Customer 360 Experience and Marketing Efficiency”, I asked the audience:
“Who signed up for this session, because it has the words Big Data in the title?”
Almost 50% of hands went up in the room, with a smile on their face. The fact of the matter is , more than three-quarters of companies are investing or planning to invest in big data in the next two years, a three percent increase over 2014, according to a recent survey of IT and business leaders by Gartner. The survey, which was conducted among 437 Gartner Research Circle Members in June 2015, included global organizations across all industries, both Gartner clients and nonclients. (Source: The Economic Times)
Adding a new dimension to a customer 360 experience
Based on my conversations with so many experts in the information management and digital practice, I decided to write a small series of blogs with use cases and explain how Informatica can help unleash big data potential. Adding big data relationships to your existing customer 360 profiles, location data, product 360 information, supplier 360 or any other business critical data can unlock new dimension.
Did you know that 90% of business critical information is outside your organization? Probably yes. But did you know only 10% of data investment goes into this potential? The majority of budgets remains focused on internal data, according to Gartner.
Reducing the complexity of big data
Big data can be a big mess. It’s introducing all sorts of new challenges, such as reconciling disparate data sources, both inside and outside the organization. Information is scattered across organizational silos, hidden in hard to reach applications and business units. Far more complexity than traditional tech stacks have to be handled with more data, more sources and more structures. And finally big data has minimal to no governance standards, rules or policies to manage the complexity. So not only is the data of questionable quality – it’s eroding faster than you can manage it.
Tie Big Data to Master Data Management (MDM) to reduce this complexity. A focus on MDM for big data efforts will:
- Organize the business critical data you care about most: Things like customers, products, suppliers, sites…
- Deliver one version of truth for the customer profile of ‘Ben Rund’ – reconciling both internal and external information available about Ben
- Update, consolidate and cleanse all data that relates to the customer profile, so ‘Ben Rund’, ‘ Benjamin Rund’ and ‘@benrund’ are available in the same master profile
- Feed all your applications, analytics and operational systems
- Identify critical relationships between all your business critical data
- Accomplish all of this automatically and repeatedly
Find out more about Big Data Relationship Management or join us for our biggest breakthrough in Big Data yet and register for the virtual launch event November 12. You will learn how Informatica enables Big Data Governance with improved collaboration capabilities, better profiling, adding a new dimension 360° Relationship Views.
Watch out for more chapters to come as:
- Big Data for better 360 customer service
- Big Data for better decision making in marketing analytics (marketing attribution)
- Use cases of Big Data relationships with MDM across different industries
- Governance of Big Data
So is this thesis a Big Data Utopia or Big Data Reality? Can Big Data with Master Data Management (MDM) achieve two things at once: Add new dimensions to your business critical data, while reducing complexity?