Is Big Data losing steam or is Australia yet to taste success?
The assertion that Australia has always been an early adopter of technology is challenged when it comes to big data and analytics. While a few standout organisations are investing to build sophisticated data-science algorithms, many others are yet to categorise big data from technology fad to business advantage, according to analyst firm IDC.
"Undoubtedly, big data presents an opportunity for retailers to leverage customer data and buying patterns to maximise revenues. While lack of data standardisation has inhibited big data investments in healthcare, legacy modernisation efforts have paid off for the public sector and investments are picking up. This enables the government to operate at a higher potential, thereby enhancing service delivery to citizens" says IDC industry analyst, Jaideep Thyagarajan.
The Australian big data and analytics market is forecast to grow from USD 244.1 million in 2015 to USD 585.1 million in 2019. Banking, retail and government sectors have made impressive strides into the analytics domain with an objective of driving market and competitive intelligence.
While the numbers look attractive, big data adoption levels are yet to reach those of cloud and mobility. There is plenty of data and good intentions, but talent shortage continues to be a challenge which needs to be addressed.
"Data has always existed within organisations – mostly unorganised and inconsistent - which is inhibiting the use of data for driving innovation. As organisations continue to embrace third platform technologies, data will be leveraged as a strategic asset that will provide new opportunities for market expansion as well as monetisation" says IDC's Senior Market Analyst, Prabhitha D'Cruz.
Simplifying data access is central to a successful big data implementation. While achieving optimal connectivity with accurate data points is key, partnering with an innovative technology partner is critical to have a scalable architecture and platforms for superior data aggregation and management. Reaping benefits from big data often involves cross functional collaboration within the enterprise to overcome fragmentary data silos.