Big Data white paper - Benefits of a Strategic Vision
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The document discusses the benefits of utilizing big data management through a strategic vision to enhance organizational decision-making and operational efficiency. It emphasizes the complexity of implementation, which involves integrating IT and business perspectives, and outlines how tools like Panoratio facilitate data analysis to identify trends and performance metrics. Panoratio specializes in providing analytics solutions that support data-driven decision-making across various industries, ensuring companies can harness the value of their data effectively.
Big Data white paper - Benefits of a Strategic Vision
- 1. IBig Data: Benefits of a Strategic Vision I 1 PANORATIO Big data : Benefits of a strategic vision White Paper Executive Summary Following the massive deployment of new mobile technologies and social media, sources of data regarding organizations’ customer and staff behaviors keep increasing. However only a few companies are able to have a real knowledge of all the corresponding data. Big Data management provides new capabilities both in term of velocity and volume of heterogeneous data processing. Those new systems impact directly the way organizations manage operational data monitoring, and are still complex to implement. The first benefit of Panoratio is to allow organizations to handle the strategic dimension of Big Data, to serve companies’ challenges and business priorities before to implement new optimized operational monitoring systems.
- 2. IBig Data: Benefits of a Strategic Vision I 2 New business needs Business departments, starting with Marketing and Finances, have obviously understood the primary benefits they can take from processing all new available data. They have easily identified associated use cases, such as: Commercial performance, customer awareness, marketing campaigns analysis, market segmentation Cost killing, fraud detection and risk management There are (…) broad ways in which using big data can create value. First, big data can unlock significant value by making information transparent and usable at much higher frequency. Second, as organizations create and store more transactional data in digital form, they can collect more accurate and detailed performance information on everything from product inventories to sick days, and therefore expose variability and boost performance. Leading companies are using data collection and analysis to conduct controlled experiments to make better management decisions. Big data: The next frontier for innovation, competition, and productivity – McKinsey Global Institute However, implementing a Big Data management system is a complex project: It involves data storage: installation of a new business intelligence and associated database management sytem is necessary to gather all available data in a single datamart. This means a large project requiring the involvement of the IT department. It strongly impacts operational data analysis within data centers ; statisticians and technical analysts have to integrate new data analytics capabilities to provide results that are useful for the business. This takes time. Organizational and technical challenges of such an implementation cannot be underestimated: such a project necessarily involves new actors, and requires all stakeholders to converge on a consistent data view. It should therefore integrate a major change management process within the organization. Also in such a context, the ability to establish close relationships with the IT department is essential. However, facing huge volumes and diversity of data, it is not simple to address all choices that are required to align everyone on a common view: a strategic business vision of data should be considered up front the IT vision in order to implement a data center that is truly adapted to your business priorities.
- 3. IBig Data: Benefits of a Strategic Vision I 3 A strategic vision before the implementation of an operational solution Reconciliation of all accessible and often unknown data can provide business experts with the real information they need to identify the essential trends of their business, and clarify the strategic decisions that have to be made. This first analysis is a prerequesite to the definition of key performance indicators and the implementation of associated data monitoring system. Panoratio provides business executives with a rapid and independant strategic analysis of their data, to facilitate decision making as required to manage operations over time. Because it relies on a simple copy of production data, the process is not invasive, minimizing the involvement of IT departments. This ensures that business owners keep control over their project.
- 4. IBig Data: Benefits of a Strategic Vision I 4 The strategic analysis approach proposed by Panoratio Panoratio is provided through a SaaS online service. It does not require any installation on customer premises. A first analysis of your customer data performed jointly with Panoratio experts allows you to identify reconciliation axes, and to create a data model that will be used as a baseline reference model for future analyses, and reporting as required by your business experts. Based on a sophisticated big data analysis engine, resulting from more than 10 years experience within the insurance and pharmaceutical industry, Panoratio toolset quickly handles large volumes and variety of structured data, to perform on demand, complex, in- memory analysis on multiple large data sets. Crossing historical and transactional independent data results into new patterns and allows to identify risks and opportunities. The speed of processing ensures a quick diagnosis so you can use the service as a prospective discovery tool to identify trends before scrolling down into in depth analysis as required. Analysis results can be provided on-demand through multiple reports as required, from simple spreadsheets to sophisticated graphics.
- 5. IBig Data: Benefits of a Strategic Vision I 5 About Panoratio Created in 2003, Panoratio is a spin-off of German industry giant Siemens that is dedicated to the delivery of big data analytics solutions for B-to-B solution providers. Specializing in the investigative and predictive analysis of large volumes of heterogeneous data, Panoratio partners with providers to deliver a unique Big- Data-as-a-Service (BDAAS) approach to rapidly build up customer services and/or solutions in the areas of strategy and innovation, based on the automated analysis of their customers’ data. Panoratio’s business model is simple and straightforward: we devote 100% of our time to developing our Panoratio BDAAS platform and creating best practices that directly support our consulting and managed services partners. This channel sales model allows us to remain focused on our core competency while providing the highest value for our partners and their customers. Originally focused on the insurance and pharmaceutical industries, Panoratio’s customer base has expanded to include partnerships with data-driven solution providers such as audit and financial services companies, marketing strategy consulting organizations, and retail and telecommunications providers. Panoratio is headquartered in San Francisco, CA with offices in Boston, MA and Munich, Germany www.panoratio.com