The assertion that Australia has always been an early adopter of technology is challenged when it comes to big data and analytics. While a few standout organisations are investing to build sophisticated data-science algorithms, many others are yet to categorise big data from technology fad to business advantage.
Regardless of shape, size, structure and format, big data’s contribution to competitive differentiation for Australian businesses cannot be disputed. Social media and high device penetration present an enticing set of newer and richer data sources.
To deliver results, scaled out architectural capabilities will be the key, along with investments to develop the skillsets, platforms and processes that are necessary to keep in pace with the rate at which data is created.
“Undoubtedly, big data presents an opportunity for retailers to leverage customer data and buying patterns to maximise revenues. While lack of data standardisation has inhibited big data investments in healthcare, legacy modernisation efforts have paid off for the public sector and investments are picking up. This enables the government to operate at a higher potential, thereby enhancing service delivery to citizens,” says IDC industry analyst, Jaideep Thyagarajan.
The Australian big data and analytics market is forecast to grow from US$244.1 million in 2015 to US$ 585.1 million in 2019. Banking, retail and government sectors have made impressive strides into the analytics domain with an objective of driving market and competitive intelligence.
See: Finance Professionals in Australia Set for Optimistic Hiring Outlook in 2017
While the numbers look attractive, big data adoption levels are yet to reach those of cloud and mobility. There is plenty of data and good intentions, but talent shortage continues to be a challenge which needs to be addressed.
“Data has always existed within organisations, mostly unorganised and inconsistent which is inhibiting the use of data for driving innovation. As organisations continue to embrace third platform technologies, data will be leveraged as a strategic asset that will provide new opportunities for market expansion as well as monetisation” says IDC’s Senior Market Analyst, Prabhitha D’Cruz.
Simplifying data access is central to a successful big data implementation. While achieving optimal connectivity with accurate data points is the key, partnering with an innovative technology partner is critical to have a scalable architecture and platforms for superior data aggregation and management.
Reaping benefits from big data often involves cross functional collaboration within the enterprise to overcome fragmentary data silos.
Also read: Skills in Demand in Australia for 2017
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