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.
The Big Data thirst
In the past, executives often claimed that the need to integrate information from disparate data sources was the top priority in Big Data initiatives. Today, companies are still emphasizing these processes but are also recognizing the need to improve analytical velocity or the speed in which businesses can gain answers to mission-critical questions, New Vantage Partners reported.
“The value of improved data and analytics is not new to most businesses,” Bean asserted. “Organizations have been utilizing data and analytics for several decades in a quest to gain insight, identify correlations, and provide decision-makers with timely answers to critical business questions. Big Data differs from traditional approaches in the quantum leap in affordability, scale, and variety of analytics it can support.”
Experts revealed that new technologies, including cloud computing and sophisticated business intelligence suites, are expanding Big Data execution and utilization capabilities. By adopting innovative tools, companies can accelerate time-to-answer and other mission-critical metrics that are crucial contributors to long-term corporate success.
A separate IDG Enterprise survey highlighted similar findings, noting that approximately 59 percent of large firms and 48 percent of smaller businesses recognize the importance of building a comprehensive and robust Big Data strategy. At the same time, however, many decision-makers believe they will still encounter integration issues, making it less likely they will experience the full benefits of those initiatives.
Cloud infrastructure technologies can help executives launch Big Data projects with fewer complications due to the agnostic and flexible characteristics of the technologies. Businesses also need to plan ahead and understand how massive volumes of complex information from multiple data sources will introduce complexities they must address early. By taking a proactive approach to Big Data, decision-makers will find building the programs less complex and more rewarding in the long run.
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