Big data has been growing in recent years and it is not surprising for the trend to continue throughout 2017, although a little slow down is to be expected. While with some challenges, 2017 will be a big hit for big data consulting firms.
However, the amount of data available will grow so much that companies and enterprises are going to find it rather difficult to handle and manage the increasingly massive and more complex data sets, which would allow them to get value, insights and information.
Focusing on the banking sector, some of trends include the following:
- Banks will be looking for big data solutions that would allow them to access more accurate real-time data. This will help banks become for cost-efficient and ultimately have more profits. Real-time data is also needed for efficient risk managements. This was seen in the European financial markets where real-time data helped them cut down on risks at a time when defaults and debts were at an all-time high. Real-time data allows a financial institution to make decisions using updated information. For instance, a bank can reject a loan rather than rely on customer histories that could easily be quite dated. You also have regulations and legislation with more stringent rules. Additionally, more reporting requirements are demanding for real-time and accurate data that needs big data systems in place.
- Big data services would allow for deeper customer engagement that would focus on the customer’s experience rather than the old way of doing customer service. This will be possible using innovative applications of big data and the use of predictive analysis. Remember that every banking transaction is a piece of data, so expect that banks have a lot of data just lying around and not being utilized. Big data services can help you come up with highly targeted marketing strategies, and pave the way for optimized transactions and customized wealth management tips. And that is just some of the few things that you can do with big data.
- More and more enterprises are going to develop sentiment analysis technology, whether on their own or using data consulting services. This technology would allow them to measure customer satisfaction on a per individual basis.
- Cloud technology will evolve at a faster rate than anticipated. This will be because of the increased acceptance of cloud computing in financial institutions and banks, as well as pressures from IT security experts that will force banking IT people to seriously consider and expedite their big data initiatives.
These trends will be most visible in the banking and financial services sector. However, it will also have impact to government services and health care.
Even with the prediction of accelerated growth, these changes are not going to happen overnight. Gartner reported in October 2016 that big data related investments are up, but companies that plan to invest in the technology through 2018 have fallen to only 25% of their respondents. The problem? Close to three in every four respondents have reported investments in big data, but most of them are still in the pilot stages. A very small 15 percent have been able to deploy their big data initiative to production.
The Gartner report puts a damper at the rosy outlook for big data adoption, but it is not big data’s problem, but how companies are coping. This is where big data consulting services come into play.
Big data consulting firms can advice companies on how to go about their big data initiatives.
Growth in big data maybe showing signs of slowing down, but not the amount of data. Unstructured and structured data are expected to increase dramatically and a big data consultancy service would be able to help.
You can have all the data in the world but if you do not know what to do with it, then you would not be able to get the most value out of it. It is doubtful that you can even get management to sign off on it if you cannot demonstrate a clear return on investment or at least a list of benefits that it could bring to your company.
A big data strategy consulting service can help you with determining that.
Another possible reason is that big data services are often funded only as a component of a bigger initiative, and not by itself. For instance, it could be because you want to improve customer service that you are looking several solutions, big data included, to help you achieve that goal.
A big data strategy formulated by a consulting company can assist you in coming up with custom capabilities and flexibility. You could bring your big data initiatives, along with its capabilities and insights, to just about every part of the company. It is no longer just a marketing or sales tool but something that the whole company can benefit from.
Four Cornerstone can help you!
Four Cornerstone is one of the best big data consulting firms in the country. We can help you get started with the big data strategies you need, as well as get all the technology you need to harness the power of big data. From data collection, storage, to data management, analysis and reporting, we have the expertise to install, deploy, and maintain the software and hardware you need. We can also train your staff with a personalized approach. Four Cornerstone has seasoned professionals to assist you in a step-by-step personalized mentoring program to educate you and your organization on areas you believe you could better utilize the technology.
Let Four Cornerstone serve as your big data consultancy partner. We also offer Oracle Cloud Services (move workloads and business-critical applications to the cloud), Oracle Software Licensing, Oracle Emergency Support, MySQL Support Services, Fusion Middleware Services, and Oracle Database Administration Services.
Call us at 1 (817) 377-1144 or fill out a very short contact form and talk to us about your big data needs!
Photo courtesy of Connie Ma.