Big Data Improves Decision-Making, Competitive Advantages
Companies around the world are beginning to recognize and understand the benefits associated with embracing Big Data projects, although not all decision-makers have established adoption plans in their organizations. In many cases, executives believe that Big Data holds a lot of promise and can make it easier for teams to meet critical corporate objectives; however, some firms believe these advantages are not worth the work.
A recent EMC survey of more than 10,000 business and IT executives found that roughly 76 percent of respondents see technology, including Big Data and cloud computing, as a strategic investment that enables organizations to meet their goals. Big Data projects in particular can be highly advantageous for companies, and 79 percent of businesses believe the initiatives give executives greater decision-making capabilities.
"We weren't surprised to see that three-quarters of businesses see IT as key to meeting their goals in the next 2 years -- after all, IT can help businesses find efficiencies in a challenging economic climate while providing a platform for innovation for products and customers," said Helene Barnekow, senior vice president of worldwide field & partner marketing at EMC.
At the same time, Barnekow noted that one-third of businesses have no intention of using Big Data solutions, which is surprising given that the majority of respondents claim the technologies give teams a number of distinct advantages.
Big Data contributes to competitive differentiation
In today's highly competitive and fast-moving business world, companies need to be as fluid, agile, and adaptable as possible to secure and maintain an edge over rival organizations. In many cases, having the ability to gather large volumes of information, analyze those resources, and incorporate findings into everyday operations can give enterprises the upper hand they desire.
The survey echoed this sentiment, revealing that 58 percent of businesses think Big Data will be critical in determining which organizations will succeed and fail in the coming years.
Unfortunately, the Big Data landscape is still new and sometimes daunting to firms. A SAS report highlighted how quality can be a major concern for organizations because many decision-makers realize collecting and analyzing inaccurate data won't necessarily yield positive results. By adopting information governance and management strategies in advance, however, decision-makers can address these challenges before they create issues.
As enterprises intentionally or inadvertently collect increasingly large volumes of complex information, adopting a comprehensive Big Data initiative can be critical to maintaining the competitive edge companies need to keep pace. Rather than shying away from such initiatives, decision-makers should address their concerns head on if they want to succeed.
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