Have you ever imagined the amount of data that is churned out every day? Well, the answer is it runs into quintillion bytes every single day. This data is generated across industries whether it is from retail, banking, insurance, healthcare, power, oil and gas, telecom and the list can go on. The question here is do we have a robust system in place to extract meaningful insights out of this huge storehouse of data. If used correctly, this can not only help businesses to generate insights which can help them unlock new business avenues but also help them provide solution for better governance.

There was a time when only data-centric companies such as Facebook, Google or any e-commerce firm would use this data to generate insights and analyze trends. Data scientists, who were hired for this job soon realized the potential that analytics had in every other business and industry. And while enterprises started to shift their focus to analytics, they faced challenges starting from compiling such huge volumes of data to cleaning them up and extracting relevant information from it.

Traditional Business Intelligence (BI) systems in place would no longer be enough to cope with this challenge and hence companies are looking to migrate to new data discovery platform. With traditional BI systems, a data scientist would spend most of his time in the back-end slicing and dicing data and generating reports which can be tested against some hypothesis. Thanks to Analytics Data Discovery Platform which helps a business user to explore this data and generate insights without much training and expertise in any analytics tool. It provides a visual dashboard which enables a business user to perform analytics and engage in rapid decision making. Analytics Data Discovery Platform spreads across the entire data-information-insights supply chain starting right from data ingestion to extracting meaningful insights and thus enabling businesses to reach their goals in lesser time.

There are companies who have realized the benefits that such data discovery platform can bring and are marching ahead in the competition by implementing the same. Determining new products and services to be launched coupled with leveraging data and analytics for decision making has helped organizations in making rapid decisions and implementing new offerings quickly. Having said that, there is always a caveat of checking the feasibility of the process which enterprises must exercise before going ahead with the implementation.

Srinath Sridhar- Principal Consultant, Analytics Consulting Group, Wipro Limited

Srinath has over 8 years of experience as an Analytics Consultant post his MBA in Marketing. Other than leading various prestigious Analytics engagements, he has played roles of Thought Leadership, Presales and solution definition in the analytics space. In his current role, he is a Principal Consultant in the Analytics Consulting group within Analytics at Wipro Limited.