Efficient utilisation of Big Data solutions can add immense value to a business, CEO and Founder of Cube26 explains how.
AdvertisementBig Data has been the buzzword for quite some time now. Data is the key and understanding the right data is even more crucial. India is becoming an important market for
As per IDC, the
One of the main players of the industry,
1. What are the Big Data opportunities in India?
Big data has been the buzzword for quite some time now. Almost, every company today has data analysts and a set of experts to read data, analyse and act accordingly. Data is key and understanding the right data is even more crucial.
Big data opportunities in India are immense. Especially with the growth of IoT in the country, it becomes key to analyse data effectively. As per IDC, the Big Data analytics and related technology market is predicted to grow at a 26.4% compound annual growth rate to $41.5 billion through 2018. In fact by 2020, IDC believes that analytics will be one of the key drivers for the economic growth of any nation worldwide. There is a huge market waiting to be explored and we need to move fast. Efficient utilisation of big data solutions can add immense value to a business.
At Cube26, we are currently working with multiple servicing brands and content companies and helping them acquire relevant user base. With the help of our product Trending App store, we help users to explore new products by recommending them relevant apps and brands.
2. Some examples of how can we drive outcomes through Big Data?
Few examples of outcome driven by big data:
- Walmart, the world’s largest retailer, employs data analytics to determine on which shelf its products should be placed so as to maximise revenue
- Amazon, the world’s largest e-commerce firm, uses its customers’ online browsing habits to develop algorithms that offer tailor-made product recommendations on its website
- Google applies accumulated data to develop models, with
AdvertisementAt Cube26, we have an IoT specific brand IOTA, where in we are working on a number of connected products in the home automation segment. With IOTA, we will have a large number of connected devices, which in turn will generate enormous amounts of data. We are working on various mechanisms to efficiently manage the collected data.
For this, we are hiring a team of Data Scientists who can not only analyse important data but also help us devise better products/solutions which will be useful for our consumers. Data and analytics help to understand technology trends and accordingly devise strategies to differentiate from what is already available in the market today.
4. What is the present scenario in India?
As mentioned earlier, the technology market in India is evolving at a fast pace. Today, there is a robust and competitive ecosystem and the market will further mature in the near future.
Companies in the online ad space have already moved to social media and they are utilising Big Data solutions to understand consumer behaviour and target ads. SME’s and startups in India are still dealing with decent amounts of consumer data, however this is about to change soon with increasing consumer engagement. Ecommerce players like
Advertisement5. What are the challenges and solutions in the Indian market?
The biggest challenge in Big Data is lack of a centralised solution to solve all problems. Number of solutions are available that solve problems in parts however there is no end to end adhoc solution for the same. Also, to work on the available Big Data programmes, companies need to have bigger Data Science team that understands and knows how to execute each and every solution separately, which in turn is a bigger investment for the company. The need of the hour is a centralised solution that comprises of all parts of Big Data.
Another challenge is the lack of knowledge in India. Also, big data poses new threats, from the end of privacy as we know it to the prospect of being penalized for things we haven’t even done yet, based on big data’s ability to predict our future behaviour. What we have already seen is just the tip of the iceberg!
The technical and managerial challenges of using big data are very real. The successful companies of the next decade will be the ones whose leaders can do all that while changing the way their organizations make many decisions.
6. Why should we focus on Big Data now?
AdvertisementBig data is not new and various companies have been utilizing this to optimize their business performance and sustain growth. Moving forward, big data will be further essential in enhancing customer experience, manage unstructured data and help businesses create predictive models.
As a result, big data can provide immense value to a business and it will continue to remain in focus in the years to come.
7. Some 2016 predictions for Big Data?
2016 will see some noteworthy trends like the emergence of multipolar analytics, democratization and consumerization of analytics, greater focus on Internet of Things (IoT) and most importantly include analysis that can move beyond recounting of facts to weave together pieces of analysis that make an impact and move people to action.
8. How was your experience in the Wharton Technology Conference?
AdvertisementIt was an honour to represent the only Indian company participating at the Wharton Tech Conference this year. It was exciting to share the stage with established tech industry players from across the globe at the conference and to understand their perspective of the industry and how they are approaching different challenges and roadblocks.
I was a part of a panel discussion on Big Data – ‘Big Data: Driving Outcomes Through Data’ where we discussed multiple possibilities, challenges and how best we can use big data solutions to achieve profitability and optimum growth.
9. How is the Indian ecosystem different than the global ecosystem?
It is difficult to compare the Indian ecosystem with that in
I think we’ll see remarkable growth in the Indian market in the next 2-3 years. We’re poised to be the second biggest smartphone market by 2018 at 650 million. Internet adoption, with the advent of a couple of very big players in the LTE segment, is soaring. Factors like these will give rise to close to billion connected smartphone users sometime in the next 5 years, which is a market opportunity no company regardless of the segment can afford to ignore.
AdvertisementWe’re also projecting early adoption of IoT in India in 2016. We expect major traction in the home automation and wearable segment. With the consistent increase in Internet adoption, more and more devices around us will be connected, providing the users a connected devices experience never seen before, while giving companies access to valuable data and insights into their target consumers.
(Image credits: mamagonegeek)
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