{"id":1663,"date":"2018-06-13T11:15:00","date_gmt":"2018-06-13T11:15:00","guid":{"rendered":"https:\/\/digiterrebestg.wpengine.com\/?p=1663"},"modified":"2024-05-30T13:29:38","modified_gmt":"2024-05-30T13:29:38","slug":"walking-the-talk-with-big-data-just-what-are-its-benefits","status":"publish","type":"post","link":"https:\/\/www.digiterre.com\/us\/2018\/06\/13\/walking-the-talk-with-big-data-just-what-are-its-benefits\/","title":{"rendered":"Walking the talk with Big Data \u2013 just what are its benefits?"},"content":{"rendered":"<section id=\"block_b38aec663e3d42ed25c9dfe93aab3b6f\" class=\"acf-blocks page-header flex flex-wrap items-center justify-center !mt-0 bg-center bg-no-repeat bg-cover py-16 min-h-[30rem] \" style=\"background-image:linear-gradient(0deg, rgba(0, 0, 0, 0.6), rgba(0, 0, 0, 0.6)), url(https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2023\/04\/Data-background-web-1500x1000-c-default-1.jpg);\">\n    <div class=\"container mx-auto text-center\">\n        <h1>Walking the talk with Big Data \u2013 just what are its benefits?<\/h1>\n\n                <p class=\"lg:text-2xl font-medium text-white max-w-5xl mx-auto\">It\u2019s easy to feel overwhelmed by the hype surrounding big data which can feel like an overwhelming flood at times. Many organizations, though, are not barricading themselves in; they\u2019re seeing the potential benefits, making waves and grasping the business opportunity.<\/p>\n        \n            <\/div>\n<\/section>\n\n\n<div class=\"wp-block-columns aligncenter is-section is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\">So what is big data?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">See it at its simplest as data with high volume, high velocity and high variety. It observes and tracks what happens from various sources that can include anything from business transactions or social to information from machine-to-machine or sensor data. This creates huge volumes of data. It streams in high speed and requires processing in a timely way to produce near or real time results. It also comes in formats which may be either structured, numeric as in the traditional database, or in unstructured text documents or in video, audio or email formats.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Its value is forecast to be worth \u00a3322bn to the UK economy alone by 2020 (Source: SAS and Centre for Economics and Business Research). Not only is its volume and value huge, but its growing exponentially, fueled by the growth in digital platforms and processes, used in business process management, to the boom in multimedia, dependent on smart devices and social media.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u2018Big\u2019 data trumps \u2018small\u2019 data<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Whilst small data is \u2018small\u2019 enough for human comprehension, \u2018big\u2019 data trumps small data and relational databases that have existed since the 1970s in many different ways. It\u2019s:<\/p>\n\n\n\n<ul class=\"wp-block-list custom-bullet\">\n<li><strong><mark class=\"has-inline-color has-primary-color\">Timely <\/mark><\/strong>\u2013 data can be accessed in real-time without having to reorganize database tables. Furthermore, incoming data can be modified in real-time.<\/li>\n\n\n\n<li><strong><mark class=\"has-inline-color has-primary-color\">Accessible<\/mark><\/strong> \u2013 both live and historic data can be accessed in a single query. Open source frameworks like Hadoop have evolved to store very large data sets reliably and to stream these data sets at high bandwidth to user applications for maximum accessibility.<\/li>\n\n\n\n<li><strong><mark class=\"has-inline-color has-primary-color\">Holistic<\/mark><\/strong> \u2013 data can be combined from all sources both from within an organization and externally. Cross-domain exchange of data is becoming the norm, so \u2018capture everything\u2019 is a healthy maxim for any big data strategy.<\/li>\n\n\n\n<li><strong><mark class=\"has-inline-color has-primary-color\">Trustworthy<\/mark><\/strong> \u2013 events are stored as they happen; nothing gets corrected. Data trustworthiness can be ensured with proper data governance, with reliability and precision of source data, coupled with data protection satisfying both customers and legal expectations.<\/li>\n\n\n\n<li><strong><mark class=\"has-inline-color has-primary-color\">Secure<\/mark><\/strong> \u2013 centralised management provides critical control of the data. Access and authentication rules ensure only the right person gets the right data at the right time.<\/li>\n\n\n\n<li><strong><mark class=\"has-inline-color has-primary-color\">Actionable<\/mark><\/strong> \u2013 As well as collecting and storing vast datasets, big data uncovers new insights. In most cases, big data processing involves a common data flow, from the collection of raw data all the way through to the consumption of actionable information.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The commercial benefits of big data are many<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The outcomes of these technical benefits feed through to commercial benefits that can touch all parts of a business:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Identifying business growth opportunities. <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Big data\u2019s use with financial data can identify growth opportunities, previously unseen. Whilst marketing departments are clearly involved, finance departments are also in a good position \u2013 and have better access to data \u2013 to analyze cost to serve across multiple dimensions of a business \u2013 such as products, customers, services, channels \u2013 and to analyze pricing strategies and where to optimize profitability and growth.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Better forecasting for more educated decisions. <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Big data validates the assumptions that go into business forecasts, and allows commercial and finance departments to come up with more accurate views of how events in the market and internally will impact the company\u2019s performance and thus its competitive position. A data-driven finance department can better look forward and identify leading indicators.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Generating cost savings from using big data tools. <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Tools such as Hadoop and Cloud-Based Analytics can bring cost advantages to businesses with large amounts of data being stored. More efficient ways of doing business brings major advantages. For example, retailers can optimize their stock more easily based on big data predictive models generated from combining multiple data sets, such as from social media, web search trends and weather forecasts.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Better marketing and better decision making. <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Better understanding of current market conditions can be achieved with the use of big data. For example, by analyzing customers\u2019 purchasing behaviors a company can find out faster and more accurately the bestsellers and adjust its supply chain and planning accordingly. Similarly, by knowing the trends of customer needs and satisfaction levels faster and in more depth, products and services can be developed that better meet customer needs and wants.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Better customer service and experience. <\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For a bank, for example, from the analysis of historical customer data collected through banking interactions across the channels, customers\u2019 motivations can be better understood and improvements made to customer engagement and comms through greater personalization. Customer interactions can be enhanced with both self-service devices (such as ATMs, ASDs, ASSTs, reception booths) and with bank staff. The greater the knowledge staff have of their customers, the better prepared they are to meet increasingly growing and complex needs. Spending potential can be analyzed and product requirements understood and new business opportunities identified for the medium to long term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As important as realizing the benefits of big data are the caveats and watch-outs from progressing big data strategies. What\u2019s becoming clearer is the appetite for greater correlation of increasing volumes and streams of dynamic data could be held back, unless systems are utilizing more machine learning and artificial intelligence to do this complex work autonomously and in real time. Furthermore, certainly for financial services organizations, there\u2019s also a requirement to allow customers to see the value to them of sharing more of their data with their respective financial institutions. Trust needs to be won and carefully protected especially when customers agree to share personal data from their social media activity. With big data, even more importance will be given to data security, data regulation and data breach prevention, so regulatory technologies are now being seen as \u2018business as usual\u2019. Compliance with emerging data protection regulations could also in turn, be less a hindrance and more of a benefit as a catalyst for customers to feel more comfortable sharing personal data with their financial services provider.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But don\u2019t barricade yourself in \u2013 grasp the opportunity!<\/p>\n<\/div>\n<\/div>\n\n\n\n<section id=\"block_a0b2cb90fa9a3ef1812fc2f65e8592f3\" class=\"acf-blocks post-meta container mx-auto \">\n    <div class=\"max-w-fit mx-auto p-4 relative after:content-[''] after:absolute after:top-0 after:left-0 after:w-full after:h-[2px] lg:after:w-[2px] lg:after:h-[100%] after:bg-dark after:rounded-full\">\n        <h3 class=\"text-4xl font-semibold text-center md:text-left\">About the Author<\/h3>\n        <div class=\"md:flex items-start lg:items-center md:justify-start flex-wrap\">\n                  \n            <img loading=\"lazy\" decoding=\"async\" width=\"106\" height=\"150\" src=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2024\/12\/Juniper-Place-case-study-pdf-106x150.jpg\" class=\"rounded-digiterre md:w-24 md:h-24 lg:w-36 lg:h-36 md:mr-4 shadow-digiterre shadow-dark\/[.15] mb-4 md:mb-0 mx-auto md:mx-0\" alt=\"\" \/>                        <div>\n                <h4 class=\"text-2xl mb-2 font-semibold text-center md:text-left\">Digiterre<\/h4>\n\n                \n                                \n            <\/div>            \n        <\/div>\n        <div class=\"flex flex-wrap items-center justify-center md:justify-start font-visby text-sm w-full md:space-x-4 mt-6\">\n            <span class=\"block md:inline-block rounded-full px-5 py-3 bg-primary-lightest text-primary\">Date: <strong>13\/06\/18<\/strong><\/span>\n            <span class=\"block md:inline-block rounded-full px-5 py-3 bg-primary-lightest text-primary mt-4 md:mt-0\">Category: <strong>Industry Insights<\/strong><\/span>\n        <\/div>\n    <\/div>\n<\/section>\n\n\n<section id=\"block_058f0580d51f494e40ff429e72a18cc3\" class=\"acf-blocks insights-posts-grid container mx-auto flex flex-wrap items-start \">\n    <div class=\"grid grid-cols-1 md:grid-cols-2 gap-6 lg:w-3\/4 pr-6\">\n                        <article class=\"flex items-start\">\n                    <a href=\"https:\/\/www.digiterre.com\/us\/2025\/06\/03\/digiterre-opens-in-dusseldorf-strengthening-our-presence-in-germanys-energy-market\/\" class=\"contents\" title=\"Digiterre Opens in D\u00fcsseldorf: Strengthening Our Presence in Germany\u2019s Energy Market\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-150x150.jpg\" class=\"rounded-digiterre w-24 h-24 lg:w-36 lg:h-36 md:mr-4 shadow-digiterre shadow-dark\/[.15] hover:scale-105 transition-all duration-300 wp-post-image\" alt=\"\" srcset=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-150x150.jpg 150w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-300x300.jpg 300w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-1024x1024.jpg 1024w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-768x768.jpg 768w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-1536x1536.jpg 1536w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Website-article-posts-for-new-website-2048x2048.jpg 2048w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\n                    <div class=\"flex flex-wrap flex-col justify-between h-full pl-4 md:pl-0\">\n                        <a href=\"https:\/\/www.digiterre.com\/us\/2025\/06\/03\/digiterre-opens-in-dusseldorf-strengthening-our-presence-in-germanys-energy-market\/\">\n                            <h4 class=\"text-base lg:text-xl mb-4 font-semibold md:mb-2 hover:text-primary-dark transition-all duration-300\">Digiterre Opens in D\u00fcsseldorf: Strengthening Our Presence in Germany\u2019s Energy Market<\/h4>\n                        <\/a>\n                        <div class=\"font-visby text-sm\">\n                            <p class=\"mb-1 text-sm md:text-base\">Date: <strong>03\/06\/25<\/strong><\/p>\n                            <p class=\"mb-0 text-sm md:text-base\">By: <strong>Laurence Pisani<\/strong><\/p>\n                        <\/div>\n                    <\/div>\n                <\/article>\n\n                        <article class=\"flex items-start\">\n                    <a href=\"https:\/\/www.digiterre.com\/us\/2025\/05\/21\/modernizing-c-in-tier-1-banks-balancing-performance-and-progress\/\" class=\"contents\" title=\"Modernizing C++ in Tier 1 Banks: Balancing Performance and Progress\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-150x150.jpg\" class=\"rounded-digiterre w-24 h-24 lg:w-36 lg:h-36 md:mr-4 shadow-digiterre shadow-dark\/[.15] hover:scale-105 transition-all duration-300 wp-post-image\" alt=\"\" srcset=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-150x150.jpg 150w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-300x300.jpg 300w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-1024x1024.jpg 1024w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-768x768.jpg 768w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-1536x1536.jpg 1536w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-3-2048x2048.jpg 2048w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\n                    <div class=\"flex flex-wrap flex-col justify-between h-full pl-4 md:pl-0\">\n                        <a href=\"https:\/\/www.digiterre.com\/us\/2025\/05\/21\/modernizing-c-in-tier-1-banks-balancing-performance-and-progress\/\">\n                            <h4 class=\"text-base lg:text-xl mb-4 font-semibold md:mb-2 hover:text-primary-dark transition-all duration-300\">Modernizing C++ in Tier 1 Banks: Balancing Performance and Progress<\/h4>\n                        <\/a>\n                        <div class=\"font-visby text-sm\">\n                            <p class=\"mb-1 text-sm md:text-base\">Date: <strong>21\/05\/25<\/strong><\/p>\n                            <p class=\"mb-0 text-sm md:text-base\">By: <strong>Digiterre<\/strong><\/p>\n                        <\/div>\n                    <\/div>\n                <\/article>\n\n                        <article class=\"flex items-start\">\n                    <a href=\"https:\/\/www.digiterre.com\/us\/2025\/05\/07\/legacy-threat-cybersecurity-lessons-from-retail-attacks\/\" class=\"contents\" title=\"Legacy Threat: Cybersecurity Lessons from Retail Attacks\u00a0\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-150x150.jpg\" class=\"rounded-digiterre w-24 h-24 lg:w-36 lg:h-36 md:mr-4 shadow-digiterre shadow-dark\/[.15] hover:scale-105 transition-all duration-300 wp-post-image\" alt=\"\" srcset=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-150x150.jpg 150w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-300x300.jpg 300w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-1024x1024.jpg 1024w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-768x768.jpg 768w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-1536x1536.jpg 1536w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-4-2048x2048.jpg 2048w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\n                    <div class=\"flex flex-wrap flex-col justify-between h-full pl-4 md:pl-0\">\n                        <a href=\"https:\/\/www.digiterre.com\/us\/2025\/05\/07\/legacy-threat-cybersecurity-lessons-from-retail-attacks\/\">\n                            <h4 class=\"text-base lg:text-xl mb-4 font-semibold md:mb-2 hover:text-primary-dark transition-all duration-300\">Legacy Threat: Cybersecurity Lessons from Retail Attacks\u00a0<\/h4>\n                        <\/a>\n                        <div class=\"font-visby text-sm\">\n                            <p class=\"mb-1 text-sm md:text-base\">Date: <strong>07\/05\/25<\/strong><\/p>\n                            <p class=\"mb-0 text-sm md:text-base\">By: <strong>Digiterre<\/strong><\/p>\n                        <\/div>\n                    <\/div>\n                <\/article>\n\n                        <article class=\"flex items-start\">\n                    <a href=\"https:\/\/www.digiterre.com\/us\/2025\/04\/30\/data-under-pressure-rethinking-data-management-in-a-volatile-tariff-driven-market\/\" class=\"contents\" title=\"Data Under Pressure: Rethinking Data Management in a Volatile, Tariff-Driven Market\u00a0\"><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-150x150.jpg\" class=\"rounded-digiterre w-24 h-24 lg:w-36 lg:h-36 md:mr-4 shadow-digiterre shadow-dark\/[.15] hover:scale-105 transition-all duration-300 wp-post-image\" alt=\"\" srcset=\"https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-150x150.jpg 150w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-300x300.jpg 300w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-1024x1024.jpg 1024w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-768x768.jpg 768w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-1536x1536.jpg 1536w, https:\/\/www.digiterre.com\/us\/wp-content\/uploads\/sites\/2\/2025\/06\/Tech-blog-1-2-2048x2048.jpg 2048w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a>\n\n                    <div class=\"flex flex-wrap flex-col justify-between h-full pl-4 md:pl-0\">\n                        <a href=\"https:\/\/www.digiterre.com\/us\/2025\/04\/30\/data-under-pressure-rethinking-data-management-in-a-volatile-tariff-driven-market\/\">\n                            <h4 class=\"text-base lg:text-xl mb-4 font-semibold md:mb-2 hover:text-primary-dark transition-all duration-300\">Data Under Pressure: Rethinking Data Management in a Volatile, Tariff-Driven Market\u00a0<\/h4>\n                        <\/a>\n                        <div class=\"font-visby text-sm\">\n                            <p class=\"mb-1 text-sm md:text-base\">Date: <strong>30\/04\/25<\/strong><\/p>\n                            <p class=\"mb-0 text-sm md:text-base\">By: <strong>Laurence Pisani<\/strong><\/p>\n                        <\/div>\n                    <\/div>\n                <\/article>\n\n        \n    <\/div>\n    <div class=\"w-full lg:w-1\/4 lg:pl-4 py-6 mt-8 lg:mt-0 relative after:content-[''] after:absolute after:top-0 after:left-0 after:w-full after:h-[2px] lg:after:w-[2px] lg:after:h-[100%] after:bg-dark after:rounded-full\">\n        <h3 class=\"text-4xl font-semibold mb-2\">Follow Us<\/h3>\n        <p class=\"text-digi-grey font-semibold\">Get the 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Many organisations, though, are not barricading themselves in; they\u2019re seeing the potential benefits, making waves and grasping the business opportunity.<\/p>\n","protected":false},"author":4,"featured_media":1665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Walking the talk with Big Data \u2013 just what are its benefits? - Digiterre USA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.digiterre.com\/us\/2018\/06\/13\/walking-the-talk-with-big-data-just-what-are-its-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walking the talk with Big Data \u2013 just what are its benefits? - Digiterre USA\" \/>\n<meta property=\"og:description\" content=\"It\u2019s easy to feel overwhelmed by the hype surrounding big data which can feel like an overwhelming flood at times. 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