Quest for Accurate Business Insights is Fraught with Challenges

How do you see the big thing of Big Data unravel its wings in coming days
For those successful in tapping into Big Data, the potential upside is tremendous. However, across industries, the quest for accurate, actionable insights is fraught with challenges. While businesses tend to think first about systems and software, a lack of analytics expertise has been identified as a key factor in garnering Big Data value. That’s one thing we foresee as one of the biggest challenges in business, apart from a big demand-supply gap in Big Data talent. Businesses striving for Big Data value will benefit by ensuring that they have the right staffing.

The lack of analytics expertise and demand-supply gap of talent are the biggest hurdles of big data 

The use of Big Data will become a key basis of competition and growth for individual firms. From the standpoint of competitiveness and the potential capture of value, all companies need to take Big Data seriously. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value from deep and up-to-real-time information.

What business domains are likely to benefit from Big Data the big way?
According to a recent E&Y study, most Indian organizations are still in the early stages of understanding the scope of data they generate. The early adopters of Big Data are likely to emerge from experiential sectors such as BFSI, retail, hospitality and media for social collaboration-led solutions, while process automation driven sectors such as transportation, logistics and plant operations for machine or sensor-driven solutions are still understanding the market sentiment.

Any case study on how Big Data is being exploited by companies?
In one of our recent announcements, we signed up a deal with Twitter, to provide Location Intelligence solutions for their mobile platform. Twitter currently has more than 230 million users, and nearly 60 percent of their 500 million daily Tweets are sent from mobile devices. Just an example of how companies are leveraging the power Big Data analytics real time for a great customer experience.

Five ways Big Data can deliver benefits across business domains?
Big Data has changed customer expectations forever. In order to gain a competitive edge, companies need to find new and better ways to improve the customer experience on all levels.

Companies with the ability to analyze Big Data quickly and accurately can make adjustments at all touch-points to optimize customer experience

Companies with the ability to analyze the repository “Big Data” quickly and accurately gain valuable information about customer needs, wants and behaviors---information they can use to make adjustments at all touch-points to optimize the overall customer experience. What follows is a look at some of the ways Big Data analysis platforms are helping companies improve customer service.

• Predictive analytics - More and more companies, particularly, are using predictive analytics as a retain their customers. Through Big Data analysis, companies can get a better handle on the types of service issues customers are experiencing most often and take the necessary steps to avoid problems and resolve issues
• Data silo leveling – The benefit of Big Data analytics is that it can essentially level or flatten the data silos that support each of the sales and marketing channels, resulting in a flow of real-time information that could alert customer service team of the customer’s order issues and lead to a fast and full resolution of the problem as well as retention of customers
• Spam avoidance – Big Data analytics helps companies avoid over-messaging customers by factoring previous offers and customer responses into their messaging campaigns.
• Tailored products and services – A Big Data analytics can provide businesses with valuable insights into customer behaviors and preferences. That can be used to optimize the customer experience and result in greater long-term customer loyalty needs of individual 

Are the businesses who already invested on Big Data last year started getting the benefits?
Across industries, the quest for accurate, actionable insights is fraught with challenges. New powerful platforms, systems and software are emerging; but, organizational issues, including staffing and data-management shortfalls, are limiting the effectiveness of most Big Data efforts. In a recent Pitney Bowes Software survey, more than half of all respondents reported that people skills and resource shortages contribute to their Big Data challenges. Analysts agree: businesses must address these human resources challenges now—or watch them grow and further restrict value as the volume, velocity and variety of Big Data skyrockets. Today 80% of the data present in any enterprise is unstructured data and according to a study data is expected to grow substantially by 2020 to an increase of 35% [Study by NASSCOM

What possibilities do you see in a country likeIndia with respect to leveraging Big Data?
According to a study done by EMC it was found that almost 91 per cent of Indian businesses reported that better uses of Big Data will lead to better decision making. However, it is important to take into consideration thatIndiais a progressive economy and has its limitations. Having said that, the momentum and understanding of Big Data is increasing rapidly, various types of businesses are increasingly seeing transformative benefits of using analytics to enable better resource management, gain competitive and market insights. In summary, there are immense possibilities of using Big Data to transform the way we live, think and make decisions. Indiahas the talent, the ecosystem of service providers and a rising base of technology-savvy users with mobile and social connections.  As global examples have shown us, even smartphones can be used to collect data in Big Data analytics initiatives. All we require is the will and the commitment to use data for transforming governance.

What are your offerings in Big Data space and how are organizations leveraging them?
Pitney Bowes offers a single platform for Data Management which improves end-to-end business performance that integrates quality data, location intelligence and decisive customer insight. 

Also, with multiple customer communication channels available to companies today, PB’s technology allows businesses to use a single platform to produce communications for multiple channels, bringing greater coordination without the loss of the unique benefits of each channel.

Market analytics are essential as decision-support solution for analysts and executives. And with our suite of solutions for Location Intelligence, companies can identify business growth opportunities and improve the sharing of information.

Globally, our expertise in these areas is being utilized by our clients across various verticals, be it social media to financial services to retail and banking.

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