What Is Big Data & How Will It Affect Consulting
Big data is an array of information characterized by colossal volumes, a rapidly growing accumulation rate, a variety of their presentation formats, both in the form of structured and unstructured information. Big Data also involves a set of innovative methods, which include the use of embedded analytics for storing, processing, and displaying information. These methods aid in the automation and optimization of business processes, and they also ensure the most effective decisions based on data trends.
Data Scientist may vary depending on the business of the company. Here are some examples:
- detection of anomalies – for example, non-standard actions with a bank card, fraud;
- analysis and forecasting – performance indicators, quality of advertising campaigns;
- scoring and grading systems – processing large amounts of data for making decisions, for example, on granting a loan;
Big data as a new driver of development
In the era of digital technologies and social networks, the amount of information generated is increasing exponentially. If a company has a website, an application for smartphones, requests and customer reviews are sent to its e-mail or through instant messengers, then it already has data that can be used for analysis. But what benefit will it bring to the business?
This is a question that big companies started asking themselves seven years ago, but then few profited from analytics. In 2015, only 17% of companies around the world used big data in their work. The pioneers in the implementation of it were companies from the IT, banking and telecommunications business. No wonder.
The growing business interest in big data can be easily explained. Companies that ignore big data consulting services are starting to see lost profits. For example, Caterpillar, one of the world’s leading special purpose vehicle corporations, has been recognized for this. In 2014, its distributors lost $ 9-18 billion in profit annually just because they did not implement big data technologies. Caterpillar has over 3.5 million units of equipment equipped with sensors that collect data on the condition of components, their operating conditions and the degree of wear.
The consulting services market will undoubtedly change under the influence of negative economic trends. The effect on each of our areas of activity may differ and depends on the markets of consumers of our services.
The construction of infrastructure, housing, industrial facilities is being resumed, and we are ready to help our clients do their work more efficiently through specialized solutions. Cooperation with banks also continues. As a rule, during a crisis, players are redistributed in various industries, which will entail an increase in the volume of transactions, which, in turn, require various expertise.
In this situation, due to changes in work modes, special tools for managing safety and labor protection at production facilities are required, which can become a growth factor for this area of our activity, since most of SRG’s clients are large industrial enterprises.
As part of the IT direction, we were one of the initiators of the online conversion of many processes related to mortgage lending. This is an assessment, where we are a key service provider in Russia, and mortgage insurance, where we have integrated with a number of large insurance companies and are conducting pilot projects with several major banks, and electronic registration of transactions, and sale of distressed assets.
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