The evolving state of IT has given decision-makers new opportunities to embrace innovative technological endeavors they otherwise would never been able to afford or tackle themselves. The proliferation and expansion of the mobile, cloud, and social landscapes, for example, have enabled business leaders to embrace Big Data initiatives more efficiently. These projects give executives sophisticated insight into external relationships and internal performance when the programs are implemented and managed properly.
Numerous studies have provided evidence that supports the growing Big Data phenomenon. A recent New Vantage Partners survey of enterprise executives is just one of these demonstrations, highlighting how more than 90 percent of respondents said their organizations either have a Big Data initiative in place or are planning one. More specifically, 62 percent of these decision-makers said they have at least one Big Data project implemented, and another 32 percent said their endeavors are fully operational throughout the company.
“Since our Big Data Executive Survey in the fall of 2012, Big Data has made the leap from hot topic to serious business adoption,” said Randy Bean, co-founder and managing partner of New Vantage Partners.
The report highlighted that businesses are investing more time and money into Big Data projects, noting that 68 percent of executives believe they will spend more than $1 million on Big Data in 2013 and 88 percent think they will allocate this much by 2016. Other organizations are planning to spend even greater amounts of money, with some projects peaking at more than $50 million.
The speed at which Big Data endeavors are being deployed suggests that there is massive room for change. In many cases, large firms are establishing new roles and responsibilities surrounding the projects because doing so will reduce any potential long-term complications associated with the initiatives.