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Big Data: Business Differentiator or Standard Way to Do Business?
A combination of cheap storage, fast processors, business analytic software, and algorithms like MapReduce for processing massive amounts of data have created a new category of technology that people are calling “Big Data”. When appropriately applied, Big Data can help identify insights, trends and relationships, enabling businesses to develop strategies that can make them more effective and efficient.
But for many, Big Data is more of a burden than a precious resource. A report from Avenade, a service provider of business technology, found in a survey of C-level executives that 56 percent consider large amounts of data as a huge challenge. In fact, many of those reporting said that too much data can actually impede their decision processes, and 46 percent say that there have been cases where wrong decisions were made because the data that the decision was based on was either old or inaccurate.
Interestingly though, despite the challenges of managing and interpreting data, most executives want more. 61 percent of executives see the only way to keep up with their customer expectations is to be able to get access to data faster than they currently can. Only 46 percent of the respondents saw that access to data as being a critical differentiator for their business; 54 percent thought that data that they collect is just a part of doing business.
Tyson Hartman, CTO at Avanade said that “companies must develop a data culture where executives, employees and strategic partners are active participants in managing a meaningful data lifecycle. This will enable businesses to turn data from information into actionable business insights.”
