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Big Data: Large Businesses Bulk Up Big Data Investments
Big Data is being rapidly adopted by companies of all sizes, particularly large companies which typically have more bandwidth and resources for exploring new avenues of competitive advantage. A new report by NewVantage Partners surveyed Fortune 1000 businesses to see how they are approaching Big Data.
The NewVantage report found that “Big Data differs from traditional approaches in the quantum leap in affordability, scale, and variety of analytics it can support. This leap lowers the ‘transaction cost’ of using analytics and data, providing ready access to data and insights across the corporation. Companies are radically expanding the scope, scale, and impact of data and analytics in their day-to-day business processes and decision-making, realizing the power of their information assets.”
The six areas which the report describes are:
- Businesses increase investments in Big Data. 68 percent of large enterprises plan to invest more than $1 million in 2013 on Big Data projects, and 88 percent expect that they’ll be spending that much by 2016.
- Executive sponsorship key. 83 percent of businesses say that the key to getting their Big Data projects adopted is executive sponsorship.
- Faster time to answers. A key metric which Big Data helps improve is how fast businesses can make high-quality fact-based decisions.
- Organizational changes to accommodate Big Data. Businesses are adopting new processes and creating new job roles, like Chief Data Officer, to achieve a greater emphasis on data.
- Businesses invest in Big Data tools. Tools like Hadoop, Aster, Netezza, Tableau, and Revolution R are being commonly deployed to better manage and analyze data.
- Variety, Volume and Velocity are all equally important. Respondents are now equally divided on the relative importance of three areas of Big Data: bringing on more data sources, loading up on more data, and being able to quickly capture and analyze data sets.
