Trends in Big Data & Business Challenges
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Join our #DataTalk on Thursdays at 5 p.m. ET. This week, we tweeted with Sushil Pramanick – who is the founder and president of the The Big Data Institute (TBDI). You can learn about upcoming chats and see the archive of past big data tweetchats here http://www.experian.com/blogs/news/about/datadriven
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Trends in Big Data & Business Challenges
- 1. #DataTalkTrends in Big Data & Challenges LIVE TWEETCHAT
- 2. Join our #DataTalk on Thursdays at 5 p.m. ET We recently tweeted with Sushil Pramanick, the founder and president of The Big Data Institute. Check out all tweets from this Twitter chat: ex.pn/data-trends
- 3. Has your definition of big data changed over the years?
- 4. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Technology has evolved rapidly and will continue. Businesses will need to use it as an enabler to a new and changing business model. #DataTalk ex.pn/datatalk
- 5. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Big data analytics will join forces with AI and impact our daily lives for better with smarter, self-learning and AI devices. #DataTalk ex.pn/datatalk
- 6. What challenges do businesses face when it comes to big data?
- 7. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Identifying right skills and most important where to look for that golden nugget. #DataTalk ex.pn/datatalk
- 8. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Finding the right data, right time and right skill and partner. #DataTalk ex.pn/datatalk
- 9. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker UseCase identification with measurable business outcomes driving innovative products, solutions, services, and business models. #DataTalk ex.pn/datatalk
- 10. What steps can companies take to overcome big data challenges?
- 11. Engage business early and have business led analytics projects that can be tied to business outcome. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 12. Analytics has to be a business led or driven initiative and NOT a technology adventure or a side project. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 13. Build skills in-house by leveraging internal domain expertise. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 14. Retool existing resources and build high performing team in house. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 15. Companies are lost in collecting data and storing data instead of analyzing data. ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 16. Spend 80% analyzing data instead of 20% analyzing (flip the 80:20 rule). ex.pn/datatalk #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker
- 17. As big data gets bigger, how should businesses plan for the future?
- 18. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk The definition of ‘future’ varies by industry and is shortening with fast evolution of technology.
- 19. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Technology is getting outdated in 2 years unlike over a span of 10 years about a decade back.
- 20. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Businesses need to plan according to specific industry needs and technology will enable it.
- 21. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Be an innovator or the first is the key to being a leader.
- 22. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk More and more data will be produced. 90% of world data is produced in last 2 years. Finding insight is key.
- 23. What does a business need to get right about big data?
- 24. Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk #DataTalk Many organizations focus more on collecting and storing data rather than analyzing data.
- 25. Mike Gross @MyGrossLife ex.pn/datatalk #DataTalk Garbage-in, garbage out. Data quality is imperative to maximize big data value.
- 26. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Organizations need to engage right skills and consulting help instead of leveraging only internal knowledge.
- 27. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Focusing on data quality to the nth degree to get 100% accuracy is not a valid approach as it is a diminishing return.
- 28. How has big data changed the way that a consumer-facing organization does business?
- 29. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Today with Cloud, infrastructure set up is reduced to days from weeks and months.
- 30. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker The big data analytics has made possible for consumer facing organization to provide personalized services and products.
- 31. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Every customer or consumer can get unique treatment from healthcare, medicine/drugs to personalized services.
- 32. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker The marketing campaigns has become targeted based on individual consumer profile, social behavior and prior experience.
- 33. What big data trends are you noticing right now?
- 34. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Internet of Things is the immediate one with connected devices, connected cars, wearable gadgets, smart sensors, and so on.
- 35. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker How we buy things, what we watch, what we eat and drive, how we sleep will all get impacted by personalized products.
- 36. What can companies do to take advantage of any of those trends?
- 37. #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk Data is the new oil! Leverage data to predict future. Raise your analytics maturity to predictive to prescriptive.
- 38. #DataTalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker ex.pn/datatalk Mission measurement, changing the way organizations invest in philanthropic causes to forecast social impact program outcome.
- 39. Any final tips for businesses working in big data and analytics?
- 40. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Don’t wait for others to make the leap till it becomes too late for you. Crawl, Walk and Run.
- 41. #DataTalk ex.pn/datatalk Sushil Pramanick Founder, The Big Data Institute @BigDataSpeaker Big or small, you need to board the ship! Fortune 500 firms in 1955 vs 2014; 89% are gone.
- 42. Join our #DataTalk on Twitter on Thursdays at 5 p.m. ET. experian.com/datatalk