At the “Unlocking Big Data: How SMEs Can Use Information to Scale” Summit, EMC® today presented on how Big Data can help small and medium-sized enterprises (SMEs) to scale and create new jobs. The summit, jointly organised by EMC and Enterprise Ireland and held in Enterprise Ireland’s offices in Eastpoint, Dublin, centered on the growth potential of Big Data analytics in the enterprise sector.
According to the EMC-sponsored 2012 IDC Digital Universe study, the digital universe will double every two years between now and 2020. This is due to many reasons, including how people are creating massive unstructured digital shadows when they use social networks on their PCs, smartphones and tablets. Meanwhile, machines like surveillance cameras, smart meters and x-ray equipment are generating large volumes of data. Effective use of this information will be increasingly driven by the growing portfolio of Big Data analytics tools and expertise, which will enable businesses to turn their data into sources of incremental revenue.
Event attendees heard from industry experts and public policy-makers, including EMC; Enterprise Ireland; the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD; and the Government Chief Information Officer, Bill McCluggage, on how to best leverage their companies’ fast-growing volumes of data to enable enterprise growth and the creation of new jobs. Indigenous companies Crème Global, Treemetrics and Boxever presented on how they are leveraging data analytics tools for business growth.
Examples of Big Data Analytics:
· Healthcare: Legacy IT systems are only able to analyse a small percentage of the data they hold - but by using Big Data analytics tools they can examine more diverse internal and external information to help improve health outcomes for patients, create better treatments and reduce the costs of delivering care.
· Insurance: Claims and risk data collected by insurance companies are modeled using advanced analytics helps to more efficiently price policies and detect fraud.
· Banking: Consumer and commercial banks can leverage internal and external data sources to better model risk, pricing and profit potential.
· Retail: Supermarkets and high-street stores are routinely collating social network information, blog content, analyst research and purchasing data in order to crunch it all together and identify crucial trends and correlations to customer loyalty.
· Policing: Law enforcement agencies can apprehend more suspects by evaluating CCTV, video footage, photographic evidence, police records, social media comments and other information sources in real time side by side.
Frank Ryan, Chief Executive Officer, Enterprise Ireland
“This event brings our client companies across all sectors closer to the transformative power of Big Data. Big Data analytics goes far beyond traditional rear-view intelligence. It is about understanding the marketplace and monetising information at a very advanced level.Big Data can accelerate the commoditisation of products and lead an organisation to a new stage of growth. Through our work in partnering with industry on research collaborations, Enterprise Ireland is helping the SME sector to unlock Big Data as a key component of enterprise growth.”
Jason Ward, Sales Director, EMCIreland, Scotland and UK North
“This event is part of EMC’s effort to improve understanding of the potential of Big Data for enterprise growth. Big Data is becoming an important boardroom priority and is relevant to every sector of our economy - from healthcare to retail, from banking to law enforcement. Coupled with cloud computing, which slashes organisations’ operating costs, Big Data is at the heart of the global IT disruption. For the first time, companies have the technological tools to eliminate barriers of cost and complexity, and turn data into revenue.”