Now that organizations have the ability to collect information faster and more efficiently, executives are reconsidering the processes associated with maintaining those resources. Although the Big Data phenomenon offers decision-makers the opportunity to transform operations on multiple levels, the truth is that engaging in these projects requires firms to maintain more digital resources than ever before.
Although not all Big Data projects require managing massive volumes of information, the proliferation of advanced storage technologies and solutions with huge computing power encourages organizations to gather large amounts of assets. As a result, executives need to assess whether their current data management plans can keep up with these changes and evaluate whether any adjustments are necessary to optimizing performance.
Despite these potential modifications, the majority of companies are now confident about the benefits associated with Big Data. This trend was highlighted in a recent CompTIA study of 500 business and IT decision-makers, which found that 78 percent of respondents said they feel more positive about Big Data as a corporate priority than they did last year. At the same time, organizations are evaluating their methods for using and managing information, ensuring these capabilities stay up to par with evolving demand.
During these assessments, many businesses have come to grips with the fact that they are exactly where they want to be: 57 percent of decision-makers said their information management and usage plans are hitting the mark.
“Data has always been important in the business world, but the Big Data trend has elevated its importance, pushing companies to be smarter in how they manage and use data,” said Tim Herbert, vice president of research and market intelligence at CompTIA.
Conversely, other firms are realizing that their projects aren’t necessarily ready and are making adjustments to ensure Big Data initiatives deliver the largest return on investment.
Assessing and addressing Big Data complexities
CompTIA revealed that roughly 80 percent of respondents said they believe their firms need better real-time analytics to help transform incoming information into usable, actionable insight that will let them optimize efficiency and gain a competitive advantage. Similarly, 80 percent of decision-makers said their current management practices are creating data silos that impair collaboration and slow down operations.
Respondents highlighted several additional problems associated with poor management capabilities, including the fact that employees are often forced to waste time on projects that aren’t necessarily their responsibility and are unable to assess internal performance. These complications have created confusion about priorities within organizations, which has led to a loss of sales and other challenges.
“While the threshold for what constitutes Big Data continues to evolve, businesses of all sizes will seek ways to unlock additional value from the data that’s most relevant to them, be it on a large or small scale,” Herbert asserted.
A separate Avanade study highlighted similar findings, noting that the Big Data phenomenon has achieved a top spot on most executive priorities, although many firms recognize the room for improvement, especially as cloud computing, mobility, and social solutions gain momentum in the workplace. As these technologies evolve, decision-makers are rethinking their overarching Big Data plans: 85 percent of respondents still report obstacles with managing and analyzing information.
Although innovative technologies can be a boon for many Big Data initiatives, executives must ensure these solutions are properly deployed if they are to experience success. Although there’s no doubt that Big Data opportunities can help businesses thrive in the coming years, decision-makers must carefully launch these initiatives to ensure they don’t introduce unnecessary complexites.