Big data will transform your business regardless of your company size and the industry you're in.
"An explosion of data is set to occur as the world becomes increasingly interconnected due to the rise of mobile devices and connected devices," said Tom Reilly, CEO of Cloudera, in an exclusive interview. "This presents an opportunity for businesses in Asia to think of ways toleverage insights from this data to gain competitive advantage and capture the large customer base the region offers."
Since big data is characterised by large volumes of data, small and medium-sized businesses (SMBs) might think that big data would only benefit large enterprises. However, Reilly rebutted that mining big data enables SMBs to compete with large enterprises on a level playing field since insights derived from the data could help differentiate their service/products from their competitors.
When asked how organisations could harness the potential of big data, Reilly highlighted the need to deploy an enterprise data hub. "It is no longer enough to rely on traditional analytics tools or data warehouses as they are rigid and unable to analyse both structured and unstructured data in real-time. Enterprises should instead turn to an enterprise data hub, which allows scaling and the flexibility to run a variety of workloads for big data," he said.
An enterprise data hub is a unified platform that enables storage of very big data sets that can be manipulated and processed using open-source Apache Hadoop software framework. With such a platform, users will be able to apply analytics and data mining tools to the data sets to derive useful insights in real-time .
According to Reilly, there are three use cases for enterprise data hubs.
Firstly, an enterprise data hub could help organisations gain a 360-degree view of the customer. Since the platform provides a single, comprehensive view of data across business units as well as external data such as social media, it enables organisations to better understand their customers' behaviours and figure out their experiences without directly asking them. Organisations could then use this understanding to predict customers' actions and proactively reach out to them, thus reducing customer churn."The enterprise data hub is intended to provide insights that will help organisations anticipate their customers' needs to improve customer retention," said Reilly.
For instance, Western Union engaged Cloudera in February last year to centralise its global customer data in an enterprise data hub. By doing so, the company found that many of its web and mobile customers were frequently sending the same amount of money to the same recipient at the same time each month. This led to the addition of a "Send Again" button on the company's website and mobile app to make the process of making repeat payments more convenient for customers.
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