I know. Another article on Big Data. Although I can’t promise an edge-of-your-seat, fascinating tell-all story that dazzles the senses on Big Data, we ARE in the Age of Big Data. To properly integrate Big Data analytics so that it delivers the expected customer value requires proper planning. It also requires people that are passionate about executing this type of innovation.
Analytics was once a back-office operation, driven primarily by actuaries and statisticians, but it is now a cross-functional group with executive-level visibility. When asking CIOs how they would spend a windfall of “extra” IT budgets, over one third said they would spend it on Big Data.
Let’s face it. Installing Big Data is a heavy investment in people and budgetary resources. Substantial risk is in play for failure to execute. Poorly-managed system integrations like this can produce overages in the time to go to market, budgets, and having an end result that does not satisfy the customer value objectives. Infrastructure modernization can be costly, estimated at $232 billion across all industries in 2016.
The inroads made in automating processes, combined with the increased access to data, have created realistic opportunities for companies to develop and launch Big Data innovations. In the race to drive top-line growth, there is great pressure to make use of Big Data advanced analytic tools. Clients demand greater depth and insights into their accounts. Larger competitors, who have the capacity to acquire the internal intelligence to build proprietary data platforms, are making smaller companies nervous about being left behind.
The good news is Big Data is available to all of us. The bad news is, well, Big Data is available to all of us, competition included. Notwithstanding, having an abundance of Big Data is a good thing, right? The answer is yes, if you are able to organize and develop a flexible system that is built for scale.
In the coming weeks, look for additional articles on Big Data from ABS. Until then, consider reaching out to us today. Let’s have a conversation about your needs.