One of the things that distinguish having the CIO position now from having the job in the past, apart from the increasing recognition of the significance of information technology, is the introduction of so-called "big data." We're talking about terabytes or even petabytes of data, as well as all of the problems that come with managing such a large amount of data. As CIO, it is your responsibility to figure out what to do with all of this data. However, since this has never been done before, what precisely should you be doing is up in the air.
Why Big Data Is Such a Problem?
Large data collections are accompanied by enormous headaches. If there is so much demand for contemporary CIOs to be more creative, you would think that having access to more data would give them the raw material they need to find the breakthroughs that the business is searching for. However, this is not the case. In certain instances, this is not the case, though.
Large data sets may be very complex, and it is easy for a CIO to get bogged down in the mechanics of managing them. Solving difficulties related to data collection and storage, as well as dealing with concerns related to where and how the data will be stored, may easily consume a CIO's whole day. What you should be doing, on the other hand, is collaborating with the rest of the IT department to figure out how to convert all of that data into business insights as quickly as the market will allow.
The issue that the rest of the business will be looking to the CIO to solve is how to extract the greatest amount of value from a big data collection that has been stored. One method is to adopt information technology and big data solutions that will enable you to produce the analytical analysis of your data that will provide the rest of the business a competitive edge, thus increasing your chances of success. The actual reason for doing this is that it will be something that your competitors will not be able to replicate or duplicate shortly.
This is not going to be a simple task to do. Instead of being expected to do a specific task, CIOs are being requested to engage in business improvement. According to Gartner, an IT research organization, 85 percent of all Fortune 500 companies would be unable to properly leverage big data sets for competitive advantage by 2022, according to their predictions.
To accomplish digital transformation, CIOs are increasingly focusing on using big data analytics as part of their strategic strategy. In this section, we'll go through a few use examples where Big Data Analytics was used and the results were nothing short of transformative.
Forecast Examination and Business Optimization
Massive amounts of raw data, whether organized or unstructured, may be gathered by businesses from a variety of different sources. Customers' behavior and machine faults may be predicted using big data predictive models and machine learning technologies, which are becoming more popular. Because of this, companies may improve their strategies by providing a discount, other promotional offers, or even suggesting alternative goods for customers to consider purchasing. Additionally, they may do predictive maintenance on equipment to ensure that it does not fail.
Getting a better understanding of your consumers
By understanding their consumers' thinking processes and comments in advance, big data analysis allows companies to identify and recognize their customers more effectively. Companies may adjust their business strategies as a result. Furthermore, companies may reduce the number of complaints they get and resolve disputes before they cause consumers to become dissatisfied. Several big data analytic technologies are available on the market that predicts depressive emotions, allowing companies to act on them as soon as they occur to mitigate their effects.
Improved understanding results in an improved strategy
Nowadays, all kinds of data are being poured into every available space. There are many different types of social media platforms such as social media platforms like Facebook and Twitter; cell phones and sensors; websites; search engines; gadgets; messages; movies; and much more! When these data are analyzed, they may provide valuable insights into an individual's habits and behaviors. Furthermore, many departments maintain this kind of information, yet each department is unaware of the facts of the other departments.
Big data analysis may offer deeper insight from various data sources in a unique manner that is more useful in establishing the overall strategy. Big data analysis is becoming more popular.
Decision Making that is both faster and better
Organizations are looking for ways to make better choices more quickly and efficiently using big data. It is considered very essential by human resource experts when choosing and recruiting individuals. Every day, companies such as Google, Facebook, Amazon, and others collect massive amounts of consumer data. This enables them to read the thoughts of their consumers and make choices regarding sales, purchases, and marketing their goods.
CIOs should use the power of organizational data in every area of their company in order to identify possible growth drivers. Using Big Data Analytics consulting and development, companies may become more data-driven, enabling them to achieve their strategic business objectives as they embark on their digital transformation journeys.