September 18, 2019 | by: Dasslin Corral
As the 4th Industrial Revolution in 2050 approaches, companies are extending to meet the demands in modern technology.
Enterprises in the Asia Pacific region are starting to invest in artificial intelligence and machine learning since 2010. Aside from such innovation, organizations are also spending large sums of money in big data and business analytics (BDA) alternatives in order to improve business performance, detect fraud, and maintain a competitive edge in the global economy. Hence, BDA solutions are now the heart of modern investments.
Recent reports of the International Data Corporation (IDC) show that worldwide revenue for big data and business analytics solutions are forecast to reach $189.1 billion this year, increasing by 12.0% over the past year.
Meanwhile in APAC, currently at the forefront of BDA complexity growth are industries such as banking, telecommunications, and retail. Holding 37.5% of BDA in 2018, China is expected to have the biggest market share for big data and analytics in 2019, followed by Vietnam and the Philippines with a compound annual growth rate (CAGR) of 19.8% and 19.5% respectively.
In a nutshell: Understanding BDA in the Philippines
Big data and analytics applications often include data from both internal systems and external sources – such as weather data or demographic data on consumers compiled by third-party information service providers.
BDA, defined simply, serves as the company’s stovepipes of data; the use of advanced analytic technology servers to manage and handle large amounts of data in different sizes (from terabytes to zettabytes).
As the Philippines enter the ‘big data era,’ an unprecedented amount of digital information is being generated from companies every day. If such information can be captured, managed, processed, and used effectively, it holds great potential value for a variety of purposes.
Smart use of big data and analytics helps an enterprise drive strategic decisions for developing innovative products, streamline operations, mitigate business risks, improve customer relationships, and drive revenue growth.
DAT idea: What makes a comprehensive BDA plan?
There have been a number of successful case studies and research justifying that companies who inject DBA in their operations deliver productivity and profit gains from five to six percent higher than their competitors.
However, the journey towards venturing in BDA has never been easy. No company entered BDA unprepared; indeed, one does not go into battle unarmed.
One great weapon of organizations who successfully adapted BDA solutions in their companies is a strategic Data, Analytic Models, and Tools plan or DAT.
A smart strategic plan provides new data capabilities. It highlights the need for a massive reorganization of data; from filtering through tangled repositions to implementing data governance standards for accuracy.
But integrating data alone does not make an effective plan. More than this, advanced analytical models are vital for data-driven optimization. Companies must take note that these models should eventually be linked together to solve broader optimization problems.
In some cases, the outputs of these analytic models might appear to be too complex, especially for frontline employees. And solving such challenge requires instinctive tools to translate these overwhelming data and models into a flexible and easy-to-understand business actions.