By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics in sports industry
    Here’s How Data Analytics In Sports Is Changing The Game
    6 Min Read
    data analytics on nursing career
    Advances in Data Analytics Are Rapidly Transforming Nursing
    8 Min Read
    data analytics reveals the benefits of MBA
    Data Analytics Technology Proves Benefits of an MBA
    9 Min Read
    data-driven image seo
    Data Analytics Helps Marketers Substantially Boost Image SEO
    8 Min Read
    construction analytics
    5 Benefits of Analytics to Manage Commercial Construction
    5 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: What Led to the Recent Huge Buzz Around Analytics?
Share
Notification Show More
Latest News
data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security
ai in software development
3 AI-Based Strategies to Develop Software in Uncertain Times
Software
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > IT > Cloud Computing > What Led to the Recent Huge Buzz Around Analytics?
AnalyticsCloud ComputingKnowledge ManagementWorkforce Analytics

What Led to the Recent Huge Buzz Around Analytics?

Ashish Kumar
Last updated: 2017/09/24 at 12:40 PM
Ashish Kumar
4 Min Read
SHARE
- Advertisement -

Price discrimination and downward demand spiral are widely used analytical concepts and practices in the Airlines and Hospitality industries respectively, long before the term Big Data Analytics was even coined. Incidentally, these concepts have been taught in global elite b-schools for decades. So why are analytics, which has been there in practice for decades, experiencing a meteoric rise suddenly? To answer this question, we need to get the Big Picture. Below are key factors that led to the huge buzz around analytics today.

  • The Proliferation of Data Sources – Every day we create 2.5 quintillion bytes of data. This comes from digital footprints left on social media platforms, IoT sensors, wearables, transactions to name a few. An interesting fact is that only 1% of data collected is ever analyzed. To put into perspective all that innovation and insights driven by analytics are from analyzing just 1% of the data collected globally.
  • Change in Customer Expectations – Today, customers expect on-demand personalized service based on their digital journey and personal preferences anytime, anywhere and on any device. Google’s context-aware search engine results, AI (powered personal assistants from Google and Apple), and Amazon’s recommendation engine have all led today’s unforgiving connected customers to expect the same level of customer experience from all brands they interact with.
  • “Race to Zero” by Cloud Computing Giants – The cloud computing price war between Amazon’s AWS, Google and Microsoft dubbed “race to zero” is well known. By late 2016, AWS has already made 52 price reductions and more price cuts are expected.
  • Advent of Hadoop – Hadoop, an open source distributed filesystem with a framework for data analysis and transformation with high fault tolerance and reliability has broken barriers to entry for start-ups and significant cost reductions for enterprises like Yahoo Inc., whose Hadoop clusters span 40,000 servers.
  • Every Company is a Technology Company – Today every company is a technology company. One prominent example is how Domino’s is turning more into a digital e-commerce player from a traditional quick service restaurant through its Domino’s AnyWare program. As part of the program, Domino’s collects data from 85,000 different customer touchpoints, to derive insights and drive growth. As a result, Domino’s was able to process about 55% of its orders online.
  • Urge to Join the ‘Big Data Analytics’ Bandwagon – Today’s media is inundated with Analysts reports with impressive projected and actual CAGR of Big Data Analytics investment, and reports on how data-driven insights helped enterprises solve real-life business problems and drive growth. This has pushed Top Management of many Enterprises to jump on the Big Data Analytics bandwagon before it’s too late.

Open source distributed platforms coupled with massively discounted storage & compute costs (cloud) have given Start-ups equal footing with Enterprises in developing and launching innovative products leveraging Big Data and Analytics (which was possible only by firms with deep pockets until few years ago). On the other hand, heightened customer expectations have led to the digital transformation of Enterprises that target to replace instincts-driven decisions with insights-driven decisions. Both trends driven by factors mentioned earlier have led to the explosive growth of Big Data Analytics witnessed today.

Ashish Kumar April 19, 2017
Share this Article
Facebook Twitter Pinterest LinkedIn
Share
By Ashish Kumar
Follow:
Ashish is an author and a data science professional with several years of experience in the field of Advanced Analytics. He has a B.Tech from IIT Madras and is a Young India Fellow, an exclusive 1-year academic program on leadership & liberal arts offered to 215 young bright Indians, who show exceptional intellectual & leadership ability.
- Advertisement -

Follow us on Facebook

Latest News

data analytics in sports industry
Here’s How Data Analytics In Sports Is Changing The Game
Big Data
data analytics on nursing career
Advances in Data Analytics Are Rapidly Transforming Nursing
Analytics
data analytics reveals the benefits of MBA
Data Analytics Technology Proves Benefits of an MBA
Analytics
anti-spoofing tips
Anti-Spoofing is Crucial for Data-Driven Businesses
Security

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

data analytics in sports industry
Big Data

Here’s How Data Analytics In Sports Is Changing The Game

6 Min Read
data analytics on nursing career
Analytics

Advances in Data Analytics Are Rapidly Transforming Nursing

8 Min Read
data analytics reveals the benefits of MBA
Analytics

Data Analytics Technology Proves Benefits of an MBA

9 Min Read
data-driven image seo
Analytics

Data Analytics Helps Marketers Substantially Boost Image SEO

8 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?