Most Businesses see Big Data Maturing Within 5 Years
As the Big Data landscape and business world develop, executives across industries are realizing the potential benefits associated with embracing these new information management and analytic strategies. A recent 1010data survey of nearly 160 business executives found that most sectors recognize the advantages of using Big Data, largely because the technologies incorporated into those strategies are rapidly maturing.
Specifically, the survey found that 79 percent of respondents believe Big Data will reach its full potential within the next 5 years, and another 12 percent of decision-makers think it already has. At the same time, the study also revealed that many executives are still learning about the phenomenon and are not quite comfortable launching initiatives within their companies.
"This research shows that the business community has high expectations for Big Data, with most believing that it will reach its potential in the next 5 years," said Sandy Steier, co-founder and CEO of 1010data. "However, there is also significant concern with many existing approaches to analyzing Big Data, including the use of Hadoop, which has been incorrectly positioned as being synonymous with Big Data."
1010data found that 47 percent of respondents said they need more time to evaluate the benefits of Big Data before they can fully invest their time and energy in such projects. By understanding how the initiatives can improve the bottom line and overall functionality, organizations may find the use of Big Data more appealing.
Investigating the drop zone
Failing to look before leaping into a technological project can cause significant problems for companies of all sizes, regardless of the program in question. An Entrepreneur report highlighted some of the things decision-makers must understand before embracing Big Data initiatives, including the fact that the endeavors will likely force firms to collect, manage, analyze, and store more complex volumes of information than ever before.
The "holy grail" of Big Data is enabling executives to gain insight into existing and prospective operations both in and outside of the workplace, Entrepreneur reported. Fortunately, innovative cloud computing solutions, management platforms, and analytic tools can make it easier for organizations of all sizes to embrace Big Data without being overwhelmed.
As the business world moves toward the idea of embracing innovation, adopting Big Data strategies that provide valuable insight can be highly beneficial. Rather than blindly deploying the projects, however, decision-makers should take the time to understand how specific endeavors will impact their operations and what steps can be taken to avoid unnecessary complications.
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