Using and Exploiting Big Data to Predict Outcomes
Thanks to the explosive growth of cloud computing, social media, online videos and more, enterprises are now creating and storing more data than ever before. Megabytes and gigabytes have given way to terabytes (trillions of bytes), petabytes (thousands of terabytes), even exabytes and zettabytes (1 million and 1 billion terabytes, respectively). And there’s no end in sight. Worldwide data stores are estimated to be growing by as much as 60 percent per year.
At the same time, data usage is becoming the new raw material of business. Data today has an economic value nearly equal to that of capital and labor. When stored, managed and harvested effectively, data can be an asset. For this reason, enterprises around the world are scrambling to dramatically improve their big data processing and management solutions in an effort to acquire new insights.
Companies have long focused on how to better serve their customers and increase profitability. Never before, though, have these goals become so acute.
- Customer expectations are increasing rapidly – the expectation that you will know what they want, when and how
- Expectations by your stakeholders place continual pressure on profitability
- And now these two forces are accompanied by increasing regulatory requirements and new forms of competition
Using big data has become increasingly important. The opportunity presented by Big Data is making your customers expect more, making government bodies expect more transparency, increasing expectations for ever more profitable operations, and enabling organizations that were never on your radar to suddenly become your competition.
The challenge for organizations today is to get ahead of this opportunity and capitalize on their own ability to monetize and exploit Big Data. The information is there– available to help you compete and operate in new ways – if only the dots can be connected.
Your customers are sending 98 thousand tweets per minute and posting 30 billion pieces of content daily on Facebook. This content is unstructured: text, videos, pictures, audio. They’re talking about what they like and, more importantly, what they don’t. A single Boeing aircraft engine can generate 20 terabytes of data an hour. Stock market prices change within fractions of a second, and missed opportunities can cost traders millions.
Technological Advances Bring New Opportunities
Advances in technology are finally making it possible to find the signal in the noise. Advances in data management enable you to leverage real-time, streaming data – structured and unstructured.
Advances in analytic capabilities enable you to predict outcomes, not just analyze the past. To embed insights right into your business processes at the point of impact. To embed optimization techniques into machinery. To identify anomalies that could represent fraud or an imminent system failure.
The falling cost of infrastructure puts these technologies within reach today – making parallel processing, real-time computing, and mobility tools for all to use. Bringing these technologies together is what will create competitive advantage for you. Technologies to ingest a variety, velocity, and volume of data bringing it into a form in which you can then determine what you need and what you don’t.
Big Data Breakthroughs Lead to Tangible Results
In today’s “data-to-data” world, breakthroughs occur when different types of information intersect: structured and unstructured; internal to an organization or external. Getting to these breakthroughs requires a roadmap to get from where you are today to where you want to be and identifying the enablers that will get you there.
CSC provides a foundation of information management and analytic capabilities to deliver insights about the past, present and future. We are helping organizations capitalize on Big Data to improve their operations and compete more effectively.
- Everyone rents cars, so everyone understands the challenges Avis Budget Group faced and how we helped them solve them. This example maps to customers in almost any industry. While the outcomes and business drivers are different, the approach to segmenting your customer base, applying different treatment strategies, accepting the idea that you may lose some unprofitable customers – these concepts translate. By enabling Avis to better understand the lifetime value of its customers, CSC helped the company improve campaign targeting, resulting in $200M of incremental revenue.
- CSC helped the Swiss Federal Railways get to a 96% on-time performance. Anyone who has waited for a train knows how important it is for the train to arrive when they say it will. We helped the Swiss Federal Railways interpret several hundred messages per second from sensors and other peripheral data throughout their system to forecast any network-wide impacts and direct over 400 concurrent dispatchers and operators in near real time.
- Volkswagen Group France is using big data to increase aftermarket service revenues and build brand loyalty. Working with CSC, Volkswagen developed a campaign management solution combining customer data with vehicle data to entice Volkswagen owners to its service centers. As a result, the company was able to use targeted communications to specific drivers about upcoming maintenance needs enhancing customer loyalty.
CSC’s Big Data Approach and Differentiation
When we look at influencing and predicting outcomes, CSC's capabilities stand out from our competitors. We stand out because we don’t stop at the ability to ingest information, manage information, and analyze it. We build repeatable capabilities at the level of functional intelligence and then translate those functional capabilities into industry-specific solutions.
We can handle any type of data, regardless of source, combine it with the expertise to make the data useful, leveraging repeatable solutions – all with a continuing focus on how this will transform your business and get you to the outcomes you need.
As you address new sources of data from machine sensors, telematics, smart grids, mobile devices, social media or data streams, organizations are looking for a better way to service and retain their customers, create new markets, monetize data assets, mitigate risk and meet regulatory requirements. CSC’s Big Data and Analytics Services provide consulting, implementation and as-a-service solutions through our Horizontal Offerings & Industry Specific Solutions to clients across industries to gain new insights not available in the past.
Get big rewards with big data. Contact us today.
- Download our Big Data and Analytics brochure (PDF)
- InfoGraphic: Big Data Universe Beginning to Explode
- EIU Report: The Evolving Role of Data in Decision-making
- Survey: What CFOs and CIOs really want from Big Data
- Insight: Putting the ‘I’ Back in IT