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Big Data: Still Years Away From Seeing a Big Impact from the Technology
Garter has characterized Big Data as “a disruptive phenomenon destined to help organizations drive innovation by gaining new and faster insight into their customers.” Headlines seem to imply the technology is revolutionizing businesses of shapes and sizes, but reality is that Big Data is still too new and not well enough understood to be making a Big Impact, at least just yet. Gartner says that it will take 85 percent of Fortune 5000 companies at least another two years before they could be ready for using Big Data in a competitive way, and in general, will be another five to ten years before the technology is well understood and readily used with success.
Matt Assay, VP of Business Development and Corporate Strategy at MongoDB, muses that “When 56% of respondents (from a Gartner survey) struggle to know how to get value from their data yet are either deploying or planning to imminently deploy a Big Data project, we have a serious disconnect. This is one reason I’ve called into question attempts to quantify the Big Data market. There are more questions than answers right now in the Big Data market.”
A New York Times piece cites Shane Greenstein, economist at Northwestern University, as saying that “it could be just time delay, or it could be that the value just isn’t there.” In the article, he says that “in contrast to the Internet’s first wave, which created services like the Web and e-mail, the impact of the second wave — the Big Data revolution — is harder to discern above the noise of broader economic activity.”
Shashi Upadhyay, CEO at Lattice Engines, said that “what I learned is that it’s important to remember that the Valley can be an echo chamber, only talking to itself. Companies outside of the Valley have a different perspective. You need to listen to your customers. You need to create value for them. Period. Today we’ve shifted how we talk about what we do to focus on the end result we deliver to our customers. We still talk about ‘big data,’ but as a great enabler.”
Assay agrees writing that “aren’t we just trying to do the same things that we’ve always tried to do, but with new tools like Hadoop and NoSQL that make it easier, more powerful and cost effective? The tools have changed, but the desire to put data to use has not.”
