IBM has predicted a shift from ‘hype’ to action in the realm of Big Data in 2014 where organisations move to adopt data analytics at scale.
IBM business analytics leader, Brock Douglas said there would an expectation across the c-suite, in particular the CMO, CHR, CFO and CISO, to extract insights from a variety of data sources to make better, faster, more informed decisions.
Douglas said the shift from hype to action would be enabled also by the increase in offerings around analytics in the cloud.
“This approach, whether it is a hosted or software as a service solution, will allow organisations to focus on their core business, to innovate fast, achieve quick wins and minimise risk,” he said.
“An example of an Australian company that is addressing this trend is RightShip.
“RightShip is using the Softlayer cloud platform to manage and analyse the data that will be generated by the IBM analytics software, allowing the company to focus on its core business of providing risk and vetting advice to the maritime industry.”
Douglas said organisations would also need to look to cognitive computing systems, like IBM Watson Customer Engagement Advisor, that can not only process and analyse complex data but also learn and interact.
“These systems will need to deliver real time responses, in a scalable and cost efficient way,”
“ANZ Wealth is collaborating with IBM in this space to give its advisors the ability to harness information and make smarter, faster financial recommendations – enabling a customer experience that is simple, safe and steeped in data-informed insights.”
Douglas predicts the culture within organisations will change from a siloed ownership of data and insights to a cross-enterprise approach, with the insights shared and applied across the organisation.
He said data analytics would be used by a broader number of stakeholders inside the organisation, and would no longer be the sole responsibility of the IT function.
“Marketing, sales, HR, finance and supply chain will work together, and share the insights gained from data to inform a more holistic business strategy that delivers growth to the bottom line,” he said.
It will also move beyond traditional analytics. The NSW Waratahs are a good example of this and will use IBM analytics next season to predict player injury.
Fielding their top players every week optimises their team performance and improves fan engagement, which ultimately impacts on revenue through tickets, merchandise, TV and sponsorship.
He said The technologies above already existed today – social and mobile driving the need, cloud and as a service enabling, and analytics providing the solution.
“What is needed is bold leadership that is agile, moves quickly and is willing to test, learn and evolve how they leverage analytics across the organisation,” he said.