Why Simply Having Big Data Isn’t Enough
A recent survey by consultancy firm NewVantage Partners found that Big Data has become standard for Fortune 1000 firms. Their investigation involved influential executives such as chief data officers, chief information officers, and senior technology leaders from segments including life sciences and financial services, and it gleaned some very interesting statistics.
An impressive 63 percent of firms had Big Data in production last year; this figure stood at only 5 percent in 2012. It doesn’t stop there, either; 63 percent of the firms polled expect to invest more than $10 million in big data by 2017, with 27 percent of firms saying they plan to invest more than $50 million.
Big Data has come a long way in the last four years, and now it’s time for businesses to get the most value they can from these investments.
Change Is Coming
One way they can do this is by getting ready for cultural changes. We are ushering in a new generation of data professionals who favor the latest statistical techniques and languages, which means traditional data management and analytics techniques will soon become a thing of the past. Businesses that don’t recognize this will simply get left behind.
Get The Right Metrics In Place
Another thing that cannot be overlooked is developing the right metrics. Despite making these big investments in Big Data, few firms have a clear idea of how it will bring them business value over the years. As most Big Data implementations are relatively new, metrics tend to be underdeveloped. One thing that organizations can do is have those in charge of data report to their chief financial officer, which should help them develop more exacting financial measurements.
By finding ways to innovate, firms can reap the most benefits from their investments in Big Data.