Big Data Movement Drives Innovative Practices, Programs
The Big Data movement has encouraged companies to gather, manage, store, and analyze information more rigorously than ever before. By properly harnessing the power of data, executives can acquire critical insight into their operations and customer demands. These opportunities are encouraging businesses of all sizes to create new roles in the workplace so people to build, launch, and run Big Data programs.
Chief Data Officer in particular is becoming a more popular position within companies that are gathering, analyzing, and storing large volumes of information. Recently, Gartner noted that roughly 25 percent of businesses around the world will have appointed CDOs by 2015. These professionals won't necessarily "own" the information under corporate control, but will coordinate the use of data throughout departments. The CDO is comparable to the CFO, who doesn't necessarily own financial processes but helps manage capital and develop more robust investment strategies.
Currently, the banking, government, and insurance industries are developing CDO roles, although analysts said that other sectors are beginning to embark on similar endeavors. Because the Big Data movement isn't limited to certain companies or industries, virtually any organization with the ambition to optimize performance and acquire insight into the consumer environment can do so with the proper planning.
The new Big Data business
A separate Forbes report echoed the idea that Big Data is gaining more significance because many experts believe that 2014 will be the year when companies transform their prospective projects with ideal benefits into real programs with visible reward.
"2012 was the start of Big Data as a paradigm," said John Lucker, Deloitte Analytics Global Advanced Analytics & Modeling Market Leader, according to Forbes. "But, in 2013, the discussion around value had an important resonance with people. People started asking, 'What is this beyond the hyperbole of the term?'"
Building a comprehensive information management program, developing the CDO position, and educating the workforce on best practices when handling large volumes of information are all considered effective ways to embrace the Big Data phenomenon, although no two initiatives are the same. Executives must recognize that the business world is changing. If enterprises are to remain competitive, relevant, and profitable in the coming years, decision-makers will need to find innovative ways to make the most of the growing volumes of information within their possession.
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