Nikunj is the CEO of DataOne Innovation Labs. His company provides architectural solutions for big data problems faced by enterprises. His main areas of focus are real-time data processing, machine learning, NLP, cloud computing and high availability architecture design. Nikunj holds a master’s degree in Information Technology from the Dhirubhai Ambani Institute of Information and Communication Technology.
Throughout years, the banking industry has improved its service delivery thanks to technological innovation. Services are critical components in daily activities as most transactions are undertaken through the banking sector. The number of customers served in the banking sector has increased exponentially. Each transaction in the banking sector amounts to data creation and collection. The banking industry produces a large volume of data on a day to day activities. The adoption of big data analytics will revolutionise banking at present and in the future.
The Goods and Service Tax Network (GSTN) company is going to be handling 300 crore invoices each month from a total of 80 Lakh users. This represents a massive digitization at all levels of the Indian economy. As mid-sized companies raise their IT expenditure, the possibility of making major strides towards the mining of data for improving business decision-making can be accelerated to faster fruition. The Goods and Services Tax has been built upon a software infrastructure that is designed to drive users to be completely aware of their data. When a company wants to get relevant information from the GSTN, Big Data will play a vital role in the analysis and evaluation of the GST data trove.
As concerns about Big Data proliferate, laws are being proposed to address them in all major economies. While the EU is counting down towards the implementation of the GDPR, the U.S. is not yet on board with its own comprehensive law. India also does not yet have a concrete law in place on privacy.
The use of internet browsing data to profile a possible customer facilitates instant appearance of Ads. It is a double-edged sword. The consumer does not have to go and search for what they need, rather everything they need is brought to their attention. On the other hand, it is also a constant bombardment of ads that may no longer be relevant, or just take up too much of your attention, when you are trying to do something else. This is the new reality in the age of digital transformation.