Big data, both structured and unstructured, has the capacity to transform economies, bringing innovation, and efficiency in businesses, analysts have said. But, what exactly is Big Data? It is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. Industries and firms are already grappling with big data, which plays an integral role in defining new processes to aid innovation.
This new paradigm, according to industry analysts, on the long run leads business transformation. For them to compete favorably with other players in the global market, there is need to embrace innovations such as business analytics, which has become prerequisite for competitiveness, says Swami Natarajan, a fusion apps leader at Oracle, in response to BusinessDay’s questions.
According to Swami, analytics is the discovery, understanding, and communication of meaningful patterns of data, giving vivid insights aimed at making a better decision in the business terrain. He added that analytics is an innovative tool that helps big and small organisation thrive in a competitive environment. Data analytics, according to him, can assist them to discover new ways to strategise, plan, optimise business operations, and capture fresh market opportunities.”These data become valuable in areas rich with recorded information and rely on the simultaneous application of statistics,” he noted.
“There is a huge revolution on going in the world in terms of technology, as this trend continues the businesses also need to adapt to the trend so as to become productive”, said John Aisien, vice president at Oracle. “Discovering a new world of possibilities through better data visualisation and implementation of analytics in key sectors is the key to industries that need to stay on the global market. All the firm have past records and data that need to be discovered, simplified, understood, communicated, and properly analysed.
“As market leader in business analytics software, Oracle delivers the most integrated solutions that helps customers gain insight into every aspect of their business, plan ahead, and act with confidence-anytime anywhere, on any device”, he said. He pointed out that analytics is a statistician dilemma solver, sustaining most business organisations over the years solving complex business. Amidst the bottlenecks bedeviling the organisations, the effective application of analytics using big, structural, and historical data has the potentials of predicting the future, and making good decisions that will drive innovation.
By: Ben Uzor & Justice Godfrey Okamgba