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Big Data: Companies Use Big Data to Spot Trends and Opportunity
It seems like companies everywhere are revving up pilot projects to experiment with Big Data. The reason for their interest is that many of these companies are hoping that Big Data will prove to be a sort of high-tech crystal ball that can help them navigate the challenges of their marketplace. Accurate prediction of market trends topped the list of a new survey by Talend as the number one reason for why companies adopt Big Data. And, these companies reason, if they are better able to foresee the direction of market trends, they’ll also be better able to optimize their revenues.
The Talend report also found that while Hadoop may be getting the majority of headlines as the tool of choice when working with Big Data,there actually is a lot of fragmentation in the tools that are being used for analyzing big data. Only about a quarter of Big Data users use Hadoop ‘straight up’, while the remaining users either rely on non-Hadoop technology or else are use a solution which wraps Hadoop.
Other findings from the Talend report include:
- Beyond predictive analytics, companies cite benefits of Big Data which include improved customer service and faster time to market.
- 75 percent of Big Data users have said that their use of the technology has results in business benefits. The report suggests that those users who aren’t seeing benefits perhaps need to their Big Data skill sets.
- 28 percent say that the benefits they’ve derived from Big Data have been in the area of Business Process Optimization, and 24 percent noted improvements in their Marketing and Sales
- 57 percent of Big Data projects are being driven by data mined from the Internet and Social Media, and another 54 percent of project also include sales data
- 61 percent say that a major challenge of their Big Data projects is finding the right in-house expertise to work with Big Data. Companies also struggle with being able to allocate adequate time, budget and resources
- 39 percent of Big Data projects are being led by IT. 48 percent of Big Data projects are led by lines of business or executives.
