BFSI VISION | Analytics

   
 

Sunil Jose
Managing Director, Teradata India

Big data should be contributing to the bottom line, without that mere data storage is wasteful

Business drivers for Analytics

Explosive growth in data volumes is stretching IT budgets more than ever before. Recent macroeconomic conditions have resulted in stagnant, and sometimes shrinking IT budgets. This creates the market conditions suitable for even traditionally conservative businesses to explore big data as a viable alternative to store large data at low prices.

Companies that are further down the road of big data have realized that merely being able to store the data alone is not enough. Large quantities of storage can be procured at a relatively cheaper price. These companies observed that they need to have rigour and strong governance around large data, even if the data is perceived to be of lesser value than the core business data stored in the warehouse. Alongside, CIOs that have adopted big data for low cost storage in the past are today being asked questions around the viability of growing storage capacity without a method and justification to tie it back to the business. Ultimately, this big data should be contributing to the bottom line, and without that, mere data storage even if cheap is wasteful. These are two sides of the same coin and companies have now realized that they need to address both together using a holistic approach, rather than losing their way in the weeds of the underlying technologies.

Given the pace of data expansion and the need for data-based offerings and decisions, organizations will leverage the data so that most of the major decisions they take are backed by data.