The Indian Marketing Industry was so far detached from technology in various aspects. However, changing market trends require marketing bigwigs to sit up and take notice of the Big Data technology.
Big Data technologies are those which process and analyze massive amounts of data which are beyond the processing capabilities of existing database management systems.
A joint study by NASSCOM and CRISIL Global Research & Analytics suggests that by 2015, Big Data is expected to become a USD 25 billion industry. The report estimates that the Indian Big Data industry will grow from USD 200 million in 2012 to USD 1 billion in 2015 at a CAGR in excess of 83 percent.
The exponential growth in big data has given a boost to big data analytics. However, organisations are finding it difficult to keep up with the enormous complexities of these analytics. Companies find it hard to grapple with the data, the major problem being that they do not know how to channelize this data for their benefits. While most of the companies agree that big data are really important and so are creative insights, it is of no use if it cannot be easily deciphered by the marketing or finance department.
Big data is shaped up by the three Vs - Volume,Variety and Velocity. Volume refers to the huge chunks of data. Variety refers to the number of different sources of data generation, and velocity refers to the speed with which data is generated. Thus, big data consists of all sorts of data - structured, semi - structured and unstructured data. The inclusion of highly unstructured data in analytics has led to increase in its complexities.
For conglomerate companies, diligently tracking client behavior across regions is a highly monumental task. With big data, they have to handle data of different kinds - from research, media related data, sales data, financial statistics and marketing figures.
The primary reason for the slow adoption of Big Data analytics by many companies is that they are unable to visualize what their data can do. Several Indian IT companies like Infosys and Wipro have taken up this opportunity of big data analytics by providing tools that take data from multiple sources and make it useful for the end user. Infosys has created a Big Data platform called BigDataEdge, to tap into the Big Data Space. This they did in two ways - mass scale enablement of their talent pool in Big Data technologies and creating more of their own IPs.
Wipro has developed a Big Data adoption framework, named the 3B Framework, with technologies to enable faster processing at reduced cost and development time. Wipro believes that Big Data needs to be approached from a business perspective, not technology perspective.
The products developed by these will help Indian Marketer to capture the data revolution that is taking place.
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