New York, NY (PRWEB) December 21, 2012
On December 11th, industry leaders from the New York metropolitan area came together with Big Data thought leaders at Knowledgent’s “The Business of Big Data: Maximizing the Value of Information” event, hosted in the Sheraton New York Hotel. This event is different from other Big Data events, in that it focused almost exclusively on the business aspects rather than on technologies or vendors.
Three key notes and an expert panel shared perspectives on the disruptive nature of this technology, the opportunities for game changing innovation and the business challenges of operationalizing the new capabilities offered.
The event opened with a spirited address from noted author Paul Zikopoulos, IBM Director of WW Technical Professionals, Competitive Database, and Big Data Technologies, that set the tone for the program with a big data big picture perspective. The 200+ largely non-technical C-suite, vice presidents and directors in attendance learned of previously unattainable opportunities that have become possible by harnessing big data offers. Some examples Mr. Zikopoulos shared included collating data from multiple sources (e.g. Twitter, Facebook, text messages and phone call detail records) to track and predict the spread of infectious diseases, distinguish movie blockbusters from failures within hours of a movie’s release, and identify potential customers and target ultra-relevant offers to them when they are most likely to buy.
Healthcare luminary John Trustman followed with an industry perspective, expressing his view that Big Data is a crucial tool to reforming the nation’s healthcare system. Citing the axiom “one cannot manage what is not measured,” Mr. Trustman’s presentation explained that of the three factors essential to managing the healthcare system - reimbursements, costs and outcomes – only reimbursements are systematically tracked. The remaining information exists but is not easily accessible. Outcomes can be sifted from the government and payer claims data stored in government and payer systems not meant to feed other systems. To do so economically is finally possible employing “big data” tools and techniques.
A panel of big data pioneers followed, sharing their lessons learned from the numerous big data implementations they had led, and ruminating on the implications for business leaders for widespread big data adoption. Comprised of CEOs, CTOs, and CDOs and moderated by Knowledgent Chief Informationist Dave Schuette, the panel shared their perspectives on the need for solid business cases, executive sponsorship and IT partnership to be successful, the common organizational readiness challenges for operationalizing successes, and their consensus that big data is not a fad, and that its revolutionary nature remains under-appreciated.
Russell Dowson, Vice President of Business Intelligence at Wyndham Hotel Group, brought the program to a close with a real-life example of pursuing business value from big data. Mr. Dowson shared his vision for capitalizing on the new economics of data collection, enrichment and analytics afforded by big data technology and techniques, to leverage existing customer behaviors and data to create next generation services for their guests.
A partner pavilion followed, with 20 big data vendors displaying their offerings, illustrating the business value of their capabilities employing ‘use cases’ common to the financial services, insurance, life sciences, healthcare, retail and supply chain and logistic industries they serve. “The Business of Big Data event was very good with incredible content, verticalization and attendees,” commented John Guevara, Senior Director, North East Region for ParAccel, a provider of big data analytics capabilities. John added, “We are very excited about the professionalism and thought leadership at Knowledgent.”
Knowledgent is a purpose-built Industry Information Consultancy that provides advanced Information Management and Analytical (IM&A) solutions with industry-specific specialization in Financial Services, Life Sciences, Healthcare and Commercial markets. Knowledgent is founded with the mission to help an enterprise become more information centric. We chose this mission because while information has been recognized as a strategic corporate asset, its importance has now reached an inflection point: corporations that don’t learn to innovate through information and compete on analytics will be left behind by those that do. That’s because the extreme volumes of data exhaust now being generated by systems, machines and the Internet represents an unexplored ocean of data with unlimited potential of mining insights that can be used for instructive predictions about products, markets, customers and human behaviors.
Knowledgent is a first-in-category firm, built from the ground up to combine IM&A advisory and delivery capabilities with vertical domain knowledge. While the core capability of our firm is comprised of competencies that address business & IT strategy, business analysis, program management, information management, and big data analytics, the context in which we approach any problem is the vertical industry of our clients.
For more information about Knowledgent or this release, please contact Leslie Arturi at leslie.arturi(at)knowledgent or 646-398-5170.