An event being held at Hull University Business School is set to highlight the importance of “Big Data” and the competitive advantage that understanding this relatively new phenomenon can bring.
The analysis of Big Data, or data sets that are too large to process with standard methods or tools, helps businesses to gain real insight into a range of issues, from consumer preferences to the effectiveness of marketing campaigns. Yet many feel overwhelmed by the apparent complexity and they are missing out on getting value from their information.
To help organisations explore the challenges and opportunities presented by Big Data Analytics, the Business School is hosting a half-day workshop on Wednesday 1 July 2015.
Organised jointly by members of the Hull Analytics Forum – and sponsored by Hull University Business School, C4Di, KC and Humber LEP – the event will bring together business managers from the private and public sectors alongside leading academics and research students.
Professor Richard Vidgen, chair of systems thinking at the Business School, has been studying growing trends through his research into the best practice in Big Data implementation.
Advances in computer technology have led to an exponential growth in the volume, variety and rate of generation of the data that organisations can access,’ comments Professor Vidgen.
Although this opens the door to a wide world of enhanced business opportunities through greater understanding, the difficulty facing managers is how to harness that Big Data and turn it into a source of opportunity with a potential for competitive advantage.
The event will address key topics in Big Data and business analytics that are of key importance to organisations of all types. Speakers are from industry and academia and all bring a fresh and new perspective on topics such as how can organisations use big data analytics to create competitive advantage and what managers need to pay attention to when building a data-driven organisation. The event is also an opportunity for networking and part of a larger initiative to build a big data analytics capability in the region.
Professor Vidgen continues:
With the prevalence of social media,smart devices and sensors that can be embedded in everything from fridges to clothing, the sheer volume of data we are able to collect in real time is immense and daunting – but offers almost limitless possibilities for businesses to extract value from it to make better business decisions and increase profits.
The advent of new cost-effective storage and predictive media, such as online cloud-based datasets, has meant that the ability to exploit data is, for the first time, within the reach of organisations of all sizes, including small to medium-sized enterprises. And we want to make sure that every organisation of every size, whether public or private, can create more value from their data resource.
For more information and registration visit: www.hullanalyticsforum.org