I had the opportunity to attend a workshop today on “Big Data & Analytics” organized by TiE(The Indus Entrepreneurs), Chennai. There were 3 speakers, two from the industry and one from the academia.
The first speaker, Mr. Kumar Narayanan, Adomita, spoke on the topic “New business models around Big Data / Fast Data and Analytics“. He shared that Singapore is spending $500 million in developing the Big-data ecosystem in the country, with the goal of achieving revenues of $200 Billion in the next 10 years. He also gave the differentiation between “Big Data” and “Fast Data”. He also shared some of the business models around Big Data. What really caught my attention was some statistics that he shared – 80% of the unstructured data is video and voice, and the rest is text. So, any company which is into the analytics of video and voice has a big upside potential .
The entire speech by Mr. Narayanan can be found here.
The next topic was “Why your unstructured data is a blessing, not a curse” by Mr. Venkat Viswanathan, LatentView. He highlighted the fact that unstructured data is created at an unbelievable pace through social media, blogs, etc. The amount of user driven content like photos, videos,etc is mind-boggling. He spoke about the future of Big Data and how the unstructured data opened up tremendous opportunities.
Click here to access the speech by Mr. Viswanathan.
The speaker from Academia was Prof. Rangaraja P. Sundarraj, DOMS, IIT Madras, who spoke on the topic “Big Data and Predictive Analytics Opportunities.” He explained that Analytics depends on 3 pillars – Big Data, Cloud and Frequency of Requirements.He explained the applications and models for Big Data.
His speech can be found here.
The 3 speeches were followed by a panel discussion and a Q&A, which was quite insightful . Overall, the key takeaway for me was that there are lot of opportunities in this space and quite a few companies that are working and making great progress in the space. Now, the question is how to capitalise on the Big Data.
Any ideas?