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Big Data and Analytics when done right have shown to have tremendous benefits. But “doing it right” isn’t something that comes easy.
Big Data and Analytics is expected by IDC to grow into a $203 billion business by 2020 from the current $150 billion size. Big Data can be applied to almost every industry to enable deep insight into how things work. It is being used for things like helping to improve customer engagement, enabling and improving data-driven marketing, and identifying and troubleshooting the causes of product failures.
But Big Data is new and while there are many success stories, there are almost an equal number of stories that document failure and projects that just never got off the ground. A survey by NewVantage Partners found that only 37 percent of Big Data projects can point to positive results. Similarly, a survey by Gartner Research found that most big data project die in the pilot stage with only 15 percent ever reaching production.
Businesses have found that investing in software tools and hardware to handle big data problems is only the first step. Doing Big Data requires a Big Effort. Building a big data program and coordinating the right tools with the right people in an organization can be challenging. But similarly, doing it right can be very rewarding.