Even though organisations in Asia are increasingly adopting big data and analytics, most struggle to utilise big data in the right way.
According to Erich Gerber, General Manager, APJ, TIBCO ,organisations need to first gather the right kind of information before they can analyse it and use the insights to grow their business. Even in a technologically-savvy environment like Singapore - where Smart Nation is on the rise - it is important that organisations monitor their data and ensure that the results gathered are useful and accurate.
"With the sheer number of hyperconnected devices, cheap sensors and intelligent devices that collect data from public transport services, utilities and healthcare organisations, it is critical that these data streams are being governed and orchestrated in order to provide meaningful insights that can be used by citizens and businesses," Gerber explained.
"Deciding which data to focus on, as well as which data platform to use to gather and analyse the target data, are complex and far-reaching challenges for management. It often calls for radical change in processes and organisational behaviour," he added.
Other common big data challenges faced by organisations in the region include the lack skilled data and analytics professionals; and the inability of most data analytics solutions to provide visualised data at the right time. The latter might have a serious impact as it could cause the organisation to be unable to respond appropriately and in time when they face a crisis.
Gerber also shared that some organisations have leveraged TIBCO's analytics platform to overcome the above-mentioned challenges and benefit from big data.
One example is Discovery Partner Markets (DPM), which offers a wellness platform to insurance carriers globally in hopes of improving the health of policyholders and rewarding them when they meet their goals. Its challenge was that it needed to integrate its wellness platform with insurance companies, as well as with numerous rewards and health partners. By using TIBCO integration and analytics solution, DPM is now able to collect huge amounts of data in real time from consumers, while supplying its insurance company customers with the security, reliability, performance, and functionality they expect.
Another example is CargoSmart, a global shipment management software provider. With Tibco's solutions, CargoSmart is able to gather data from multiple sources to gain visibility to vessel-movements, so that it can plan ahead in case of disruption and make use of real-time analysis to improve decision-making.
"CargoSmart [was able to] facilitate real-time event processing, which meant that 90 percent of the vessel schedule updates can be completed in an hour, as compared to 32 percent with the previous mechanism. A vessel speed and route monitoring application was also developed [to analyse] speed and distance against a variety of factors, helping to reduce fuel consumption," Gerber said.
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