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Enterprises across the globe have the need to create a digital strategy. While the term itself may seem intimidating to some, it essentially represents an Agile culture built on customer centricity and responsiveness. The only way to attain digital success is to understand your customers at a micro level while making strategic decisions on your offerings to the market. Big Data has become the catalyst in this massive disruption as it can help businesses in any vertical solve their need to understand their customers better. It aids this by providing a foundational platform for amazing products.
We have seen how exploding data generation across the global has become a clear and present business and IT phenomenon. Data volumes are rapidly expanding across industries. However, while the production of data itself that has increased but it is also driving the need for organizations to derive business value from it. This calls for the collection and curation of data from dynamic, and highly distributed sources such as consumer transactions, B2B interactions, machines such as ATMs and geo-location devices, click streams, social media feeds, server and application log files, and multimedia content such as videos, etc. It needs to be noted that data volumes here consist of multi-varied formats, differing schemas, transport protocols, and velocities.
The Internet of Things (IoT) has become an entire phenomenon to itself. It is truly a horizontal-vertical (no pun intended) as the proliferation of applications of sensors is causing a rapid change in system and application architectures. The system of IoT is burgeoning from the initial sensors, digital devices, mechanical automatons to cars, process monitoring systems, browsers, television, traffic cameras, etc.
Big data is thus crossing the innovation chasm. A vast majority of early adopter projects are finding business success with a strong gain in ROI (Return On Investment). The skills gap is beginning to slowly decrease with the Hadoop ecosystem becoming a skill that every modern application developer needs to have. Increasingly, customers are leading the way by deploying big data in new and previously uncharted areas like cyber security, leading to massive cross vertical interest.
The five elements in Digital Transformation, irrespective of the business vertical you operate in, are:
The first element in Digital is the customer centricity.
Real-time multichannel analytics is the second piece of a digital strategy.
Mobile applications first began forcing the need for enterprise to begin supporting multiple channels of interaction with their consumers.