New Delhi, August 26: Enterprises today have a huge amount of existing data that contains valuable insights which can increase revenue, reduce costs and improve customer loyalty. A survey conducted by data discovery and analytics solution company Qlik among 350 executives based in key Indian cities found that while only 21% of respondents say they have implemented Big Data technologies, 42% said they plan to invest in Big Data technologies in the next 12 months. The survey further shows that the adoption of Big Data technologies in India is likely to grow in 2015.
The survey also found that the top three reasons Indian companies adopt Big Data technologies include improving productivity across their organizations, enhance understanding of customers, their needs, and purchase patterns and increasing business revenues and profitability.
“Despite the relatively low implementation of Big Data technologies in India today – a trend that is mirrored across most other markets in Asia Pacific, we’ve found that more and more companies plan to invest in Big Data in the near future. India, being a high growth economy, is in a strategic position to leapfrog over other countries in helping companies to adopt technologies that turn raw data into insights,” said Phillip Beniac, Regional Vice President, Qlik Asia Pacific and Japan.
According to the survey respondents, the biggest Big Data challenge that they face is accessing and analyzing large volumes of data to discover new insights, followed by managing the growing variety of data.
Richard de Souza, Vice President Corporate IT, Head Business Solutions, Mahindra Group believes that users should be able to derive meaningful data that will help them make the right decisions. It is not enough for a company to mindlessly store away data, what is more important is for us to use it meaningfully. “IT departments have already started investing in enterprise data warehouses and legacy solutions; however very soon they will be focusing on investing in the right solutions to analyze Big Data. We at Mahindra believe that it’s not enough we invest in just any solutions and platforms, but look for the right solutions that can be used by our users across verticals and sectors,” he says.
Analysts found out many businesses still do not know what to expect from big data and IT does not have a clear understanding of how to derive benefits from it. As Sumeet Tandure, Regional Head – Platforms, Solutions & Services, HDS states the challenge is to determine where to look for the right data sets, how to extract meaningful insights from the glut of information that exists and how to interpret this in the right context