[MUSIC] In this video we'll share

PwC's perspective on big data. Big data's about much more

than technology and data. It's about how insights from data
can drive big decisions that solve real business issues. Often creating innovation
and
opportunity in the process. Success demands focus on the business
issue first, and data and technology second. So let's hear our PwC professionals
share their perspectives on big data. >> PwC's 2014 Digital IQ Survey confirmed
something that many of us in the industry have thought for quite sometime. Over 40%
of all respondents
confirm that their big bet in the near future is going to
be on analytics and big data. >> When we talk about big data,
oftentimes people think about volume or velocity, how fast it comes at those. I
like to also think about as in variety, how many different sources of information
do we have and that we can bring together? It is not uncommon now for
big data projects to take 20, 30, 40 data sources and mash that
data up and drive value from that. If you think about, just the Federal
Government in the United States has released about 300,000 different
data sets in the last five years. And it's going on and
it's getting more and more and more. And there's the federal government, there's
state and
local authorities that release data. There is commercially
available data sources. It's part of the big data business is
to understand what's out there and to use the right sources of
information to derive value. >> Big data is not all about the data and
the technology, which is the two things that come to
mind when people think about big data. Volumes of data and new technologies. We
think that companies should be
thinking about three additional things in addition to big data and
big technology and big data technology. One is the decisions that they make. So the
big decisions. How am I making certain decisions, and
is there a better way of making those? More effective ways of
making those decisions, more efficient ways of
making those decisions? And how can insights from the data, and the analytics that
work on that data,
help me? So that's the number one that they should
be thinking about, the big decisions. The second one is also around
the big data analytics. So the data alone is not useful. Again, but given the
volume
of data that's now available, extracting the insights
is a challenging task. So you're an essentially, literally
looking for a needle in a haystack. And to come to that needle,
you need to understand and frame your business problem and
business decision and then use the analytics to generate those
insights or draw out that insights. Third thing that we also see
coming into form now as we compare more transitional organizations who have
been there in the industry for 20, 30, 50, 100 years, was that some of the
companies
that are, cropping up if you like, in the Bay Area, there's a substantial
difference in their mindset. We call it the big data mindset. >> The opportunities
for big data are to
really show what people are thinking, how they are behaving. And those insights had
heretofore never been available. Now we can really look into what
a customer thinks about a product. How a aircraft is operating at
the millisecond level in the air. We can look at traffic patterns and
use those traffic patterns to be able to pick the best group, real time. We've
never been able
to those things before. Now we can. >> I think that a lot of the focus has
traditionally been on the technology and the data side of the house. However, we
realize that to really
untap the value of big data, the business has to be engaged. I think that you have
people sitting
on huge volumes of very valuable data. And another core group of people in
the business that would love access to it, that have questions, that might not
know how to ask the right questions. And that somehow those two have
to come together in order for companies to be successful. >> So I do believe that
the industry and
the leaders out there do understand the transformative change that
can come from big data analytics. The question is now, how do we get there? And how
do we get there is really
a very measured step-by-step approach. You should start small. Start with a very
well defined business
problem and create value from there. >> You just heard some of our team talking
about their perspectives on big data. As Anan said, data alone is not useful. And
considering the volume
of data we often start with, extracting insights can seem daunting. Remember, you
must first frame
the business problem and the business decision, and then use
the analytics to draw out insights. Start small, address a valid
business challenger opportunity, and create value from there. In the next video,
we'll look out how you gather data, and what tools you can use to analyze data.
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