Posted on Monday, December 3, 2012
With chips being implanted into everything that is created from white goods to cars, the web and social media gathering a 24/7 picture of every linked person in the world, there is zettabytes of information being created. “Data is the new oil,” said Clive Huby, a British data commercialisation entrepreneur, the now famous phrase that was embraced by the World Economic Forum in a 2011 report.
Though India has about 30 million smartphone users today, the number is growing by more than 50% every year. Rajan Anandan of Google at a recent conference on digital trends stated that what excites him is the potential of 2015. It’s 38 months to the end of 2015, when we in India will be at 300 million smartphone users and the second largest connected market.
Corporations are, therefore, now looking to deploy serious computing power to make sense of these huge amounts of data. “About 90% of the data has been created in the last two years. It is being created at a great velocity and is mostly unstructured information. This data can be a good revenue generating tool for companies as it helps them track consumer behaviour by analysing the data,” says Tim Young, executive, Big Data Strategy, IBM.
A NetApp study estimates that big data solutions market opportunity in India is set to grow to $153.1 million by 2014. This represents a compounded annual growth rate (CAGR) of 37.8% for the period 2011-2014. Anil Valluri, president, NetApp, says, “Data by itself has no value unless it is translated into insight that can help drive business results. Verticals like retail, telecom and manufacturing can immensely benefit from big data solutions that dramatically help organisations get control of data and reduce time-to-insight.”
Hence, the new focus on data scientists. A data scientist is someone who knows just enough programming, system administration and statistics to transform a large, possibly heterogeneous set of unstructured data into actionable intelligence or an actual product. The data scientist has sufficient visualisation, communication and intuitive skills to be able to express these connections in a deep way between technology, business and customer behaviour.
Although data uptake in India is still at an early stage, the numbers are staggering. A study done by NetApp reveals that information deluge has become the order of the day among Indian enterprises, with 40% of organisations in verticals like BFSI, Media & Entertainment, Telecommunications and government having more than 100 terabytes of data currently. A data scientist represents an evolution from the role of a business or data analyst. The formal training is similar, with a solid foundation typically in computer science and applications, modeling, statistics, analytics and math.
What sets the data scientist apart is strong business acumen, coupled with the ability to communicate findings to both business and IT leaders in a way that can influence how an organisation approaches a business challenge. Good data scientists will not just address business problems, they will identify the right problems that is of utmost value to the organisation. The role of a data scientist, in recent times, has been described as a ‘part analyst, part artist.’
The idea to come up with a solution to Harness the Power of Energy to Impact the lives of 10 million people
Kerrie Anna Douglas, assistant professor of engineering education, Purdue University, US, on the eth
A study estimates that ‘big data’ solutions market opportunity in India is set to grow to $153.1 million by 2014
The digital media industry is registering impressive growth in India, mainly due to increasing inter