What’s the problem with Big Data? You guessed right — it’s BIG.
Big Data empowers organizations to discern patterns that were once invisible, leading to breakthrough ideas and transformed business performance. But there is simply so much of it, and from such myriad sources — customers, competitors, mobile, social, web, transactional, operational, internal, external, structured, and unstructured — that, for many organizations, Big Data is overwhelming. The torrents of data will only increase as the Internet of Everything spreads its ever-expanding wave of connectivity, from 10 billion connected things today to 50 billion in 2020.
So, how can organizations learn to use all of that data?
The key lies not in simply having access to enormous data streams. Information must be filtered for crucial, actionable insights, and presented to the right people in a visualized, comprehensible form. Only then will Big Data transform business strategies and decisions. In effect, Big Data must be made small.
However, as McKinsey & Co. reported, many organizations don’t have enough data scientists, much less ones who understand the business well enough to draw conclusions. The trick is to get the scientists together with the experts who understand the business levers driving the organization. Put them in a room with the right tools, and watch the synergy fly.
But what sort of a room?
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Tags: Big Data, Cisco, Cisco Consulting Services, data scientists, innovation, Internet of Everything, internet of things, IoE, IoE Value Index, IoT, retail, value at stake
Supply Chain Management (SCM) has always been critical to business operations and success. Executives in large corporations remember lessons from their SCM courses back in business school. For those who have forgotten, consulting companies and universities teach SCM using well-known games such as the Beer Distribution Game. The problem the Beer Distribution Game highlights is the lack of insight people along the distribution chain have beyond a few steps. However, I’d posit that the Internet of Things (IoT) provides us the opportunity to holistically visualize and play with our entire supply chain. In effect, IoT may make the Beer Distribution Game a relic of the past.
The Beer Distribution Game is a role-player table game created by Jay Forrester at MIT Sloan School of Management in the early 1960s to teach principles of management science. The game is played by teams who simulate the supply chain of the beer industry during 40 weeks. Each team represents a brand and the goal is to meet customer demand. Each player represents a specific area of the supply chain: retail, wholesale, distributor and factory. Within each team players cannot communicate each other and information is only passed through orders and shipments notes every week. The winner of the game is the team with lower total cost of capital employed in stock for everyone in the supply chain while avoiding out-of-stock situations. Read More »
Tags: Beer Distribution Game, Internet of Things (IoT), IoT, supply chain management
When a person is considered tech-savvy and “always-connected” in their day-to-day life, these expectations don’t change when they stay in a hotel. In fact, this new “connected hotel guest” actually expects the same mobile experience at hotels that they receive at home or work. Hoteliers across the world are constantly trying to find ways to meet the increasing needs of the mobile-connected guest. Previously, hotel Wi-Fi was used primarily for guests and staff connectivity, but now, it’s becoming much more than that because of these guests’ needs. Read More »
Tags: Cisco, Connected, data, hospitality, hotel, hotelier, Internet of Everything, IoE, location, location-based, mobile, mobile device, wi-fi, wifi, wireless
On a typical day, we leave a vast trail of data in our wake. Our browsing histories, online preferences, shopping habits, work decisions, social interactions—all are rendered in binary code, prompting a complex interaction of requests, responses, affirmations, and denials.
And that’s just from our laptops and smartphones.
What about when the Internet of Everything — with its explosion in connectivity from 10 billion “things” today to 50 billion in 2020 — truly shifts into overdrive? At that point, our clothing, our houses, our cars, our lawns, and our refrigerators may be generating ever-larger torrents of data — all about us.
This upsurge in personal Big Data has big implications. Indeed, each person’s emerging digital persona will go a long way toward defining their place in the world. Furthermore, all of that data already has great intrinsic value to Internet giants, retailers, financial services companies, and many others. If we manage it right — in what I see as a burgeoning Marketplace of Me — some of that value may come right back to us.
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Tags: Big Data, Cisco, Cisco Consulting Services, innovation, Internet of Everything, IoE, IoE Value Index, IoT, privacy, security, value at stake
What if you had a “virtual doctor” who was available at any time—24×7—to give you a quick checkup, dispense friendly health advice, and even alert you to possible health problems before they become serious? What if your parents or grandparents got a gentle daily reminder to take their medication, so they would never have to worry about missing a dose? What if you could walk into any emergency room in the country and receive exactly the care you need because the hospital has instant access to all your medical records? While much of this may seem futuristic, it will become reality in a future not that far away.
Big Data and analytics are transforming healthcare as we know it. Let me share a few examples:
1. Patient care
Many healthcare providers are stretched to capacity, and can’t always follow up with patients to see how they’re doing and make sure they are following medical advice. Today, we are beginning to see pills with tiny ingestible sensors that send a message to your doctor or to a loved one to confirm that you have taken the pill—giving peace of mind to worried children of elderly parents, or anyone who needs to take medication at a specified time. In the future, these sensors will likely also be able to report whether the medicine results in the right impact, and to suggest a change of dose or even a different medication, if that is appropriate.
A high-risk pregnancy is a constant source of worry for many women. In the near future, small electronic “tattoos” will provide nonstop fetal monitoring through a sticker worn right on the skin. Wireless communications capabilities will send vital signs directly to the cloud, where Big Data and analytics capabilities can evaluate the information and send appropriate alerts to the mother and her doctor.
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Tags: analytics, Big Data, Cisco, electronic medical records, healthcare, Internet of Everything, Quantified Self, sensors