Organisations must jump on the Big Data bandwagon now to protect themselves from falling behind competitors or perish, according to analyst firm Deloitte.
Speaking at the UTS Spotlight event, Deloitte Australia chief executive, Giam Swiegers, told attendees that through Big Data, with an estimation of 2.5 million terabytes of data created each day, businesses can and should tailor their goods and services to each individual customer to maintain a competitive edge.
“We have to change the way we run our business, we have to change the way we provide services to our clients and we can do that through the power of data,” he said.
According to Deloitte Forensic partner, Anthony Viel, who also spoke at the event, said that Big Data is the “last frontier” of competition after innovation, geography and protective regulations.
“Breakthrough innovations are harder to do and harder sustain… geographical barriers are being blown away by the digital economy [and] protective regulations are going down,” Viel said.
“So that leaves one base of competition and that's high performance business process and the way to achieve [it] is by making smarter decisions which are fuelled by analytics.”
Viel said that businesses should use Big Data in real time so they can keep up-to-date with what customers want and this could “heighten the expectations” of how they want to be served.
In addition, it should also empower businesses and their frontline, such as the general manager or sales assistant, to stay relevant by providing consumers with the goods and services they prefer and need any time of the day.
There are some challenges facing Big Data, however, including storage and the dynamics of technology, the application of such data for business, and the shortages in analytics jobs — predicted to be outsourced to China and India for its growth in the industry.
“[Technology] is a big challenge if you're creating five million laptops’ worth of data every day; you're going to have to put it somewhere,” Viel said.
“I believe that technology is going faster than a lot of us are comfortable with. [However], the advances in technology, the Cloud, more nimble and disposal solutions will play their part in meeting this challenge.
“Analytics has widely accepted that there's a shortage of analytics professionals [but] the real challenge of Big Data is the agile execution on the insight it provides.”
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