To a large extent the big data hype that we’ve all witnessed happening over the past few years has been largely focused on the destination of the data above all else. We’ve all been talking about handling terabytes, petabytes and zettabytes of information.
In fact you could say the area has been dictated somewhat by a number of the major platform vendors who, at the same time, are looking to sell massive amounts of data storage alongside their big data solutions.
There is space for that certainly but my experience talking to customers across Europe over the last three or four years is that a large number of companies simply don’t have that need for very large scale big data solutions.
However, they do recognise that businesses around the globe are starting to capture a lot more data at both an individual product level and also an individual customer level. There’s a realisation there that if they were able to harness more data on their customer or their product, they would likely be able to reduce costs of developing their product.
Or perhaps they could better market their product or services to clients by gaining a greater understanding of how individual customers are interacting with the company.
Companies who have gained that valuable extra data on their product as well as their customer habits could in theory reduce their base costs by 10 to 20%. Or indeed, they could increase revenue per customer by 10 to 20% by bringing forward a more efficient business model or improving the level of end service.
All of that means companies have to embrace the possibilities of big data. In order to bring companies through the differing points on that journey, here at Asystec we have created our Executive Briefing Centre and Data Analytics Innovation Centre in Limerick.
Launched in January of this year, the 5,000 square-foot facility provides a highly professional platform for companies to improve their knowledge and use of big data technology.
Two-day workshops, six-week innovation labs, technical break-out rooms, AV set-up and a 12 rack, multi-technology data centre are among the elements that visitors can benefit from. In my case, as a data scientist I’ll speak to clients who visit the Briefing Centre about my near two decades of experience working in analytics.
We can address specific big data or analytics concerns and can help the company or organisation in front of us in a targeted, individually-designed way. Whether that involves expert assistance, creative brainstorming or otherwise, we can come up with key actionable and reportable KPIs which can utilise big data and analytical techniques to help the customer implement the necessary changes to their businesses.
In our own case, at Asystec we can offer clients analytical solutions from industry-leading vendors, while we have also built an extensive collaborative network of data scientists working in both commercial and academic fields to offer a gateway to personalised, hugely effective big data solutions.
Dave Clarke is chief data scientist at Asystec.
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