Big Data is transforming several industries like healthcare, financial markets, insurance, etc. “information is power.” This is actually coming true. Continuous evolution of telecommunications is leading to rapid information dispersal globally. No wonder, the theme for World Telecommunications Day was “Big Data for Big Impact.”
Global research firm Gartner says companies are gathering more data and data science will continue to grow by 800 percent in the coming five years. The telecom sector should take advantage of the data deluge as legacy systems cannot resolve complex data processing problems. This is the time to leverage new age technology as the sector generates tons of data.
Leverage Big Data for revolution in India’s information sector.
Big Data is a term for data sets huge and complex for which conventional data-processing methods are insufficient. The tools process data sets to uncover hidden correlations, leading to meaningful insights. Big Data tools use mathematical and statistical models, tools and algorithms to discover patterns. Predictive analytics can help telecom not only to process data but also help in making predictions and convert unstructured data into actionable insights.
Data analytics can conduct analysis of glitches in real time. Through a breadth of business intelligence (BI) data tools, high-priority areas can be improved like service, sales, supply chain, etc. The sector can use the tools to segment, cluster, score and predict likely scenario and help companies take better decisions with consistent returns. The tools can reduce costs, optimize business operations and give a competitive edge. Software applications can run high-speed analysis on real-time basis to provide in-depth statistics. The information could be co-related with sentiment analysis for a 360-degree analysis of business operations.
Big Data software applications are flooding industries globally
“Indian market is in early stages of adoption of analytics. Therefore, there is a need to industrialize to derive long term value. Industry stakeholders need to raise create talent, awareness, standardize tools and set up cross-functional teams to drive industrialization of Analytics in India,” said Shashank Dixit, CEO, Deskera.
According to my own estimates, 60 percent of businesses without a tangible and well though-out data analytics strategy risk losing the competitive edge in the market. Data Analytics can have positive impact on the telecommunications ecosystem of India and the world. The chosen theme “Big Data for Big Impact,” for this year’s Telecom Day says it all.