Businesses Believe Data Volumes Will Grow by 76 Percent in 2014
Enterprise Big Data projects are forecast to pick up speed in 2014, especially as the information that companies are charged with managing steadily increases. A recent IDG Enterprise study of more than 1,700 IT and business decision-makers found that respondents believe the amount of data they are responsible for maintaining will grow by 76 percent within the next year and a half.
This rapid proliferation of both unstructured and structured information will put pressure on executives to embrace sophisticated Big Data solutions and thoroughly planned projects. Although the idea of data management has traditionally existed solely within the IT realm, a wider range of decision-makers are jumping on board the Big Data bandwagon. In fact, the IDG Enterprise survey found that CEOs in particular are being enticed by the benefits of the initiatives and plan to spend an average of $8 million on the endeavors throughout the next year.
"The potential benefits from analyzing data are limitless and three-quarters of organizations predict that Big Data will be in mainstream use within the next three years," said Matthew Yorke, CEO of IDG Enterprise.
CEOs want Big Data
Businesses' management and CEOs in particular are quickly becoming the driving force behind many Big Data projects. This is the case mainly because executives understand that properly planned programs will deliver a robust return on investment as well as other advantages, such as improved decision-making and better customer service.
Although large enterprises are generally investing more into Big Data schemes, small companies are also increasing spending on how they gather, manage, store, and analyze large volumes of information. Companies are also realizing that well-planned Big Data initiatives will improve more than just one area of business because marketing, sales, customer service, and other departments can all develop smaller analytic projects and optimize operations within their teams.
An InformationWeek report highlighted how many experts believe Big Data projects will make their way to cloud computing environments. This is due to the fact that the cloud can provide a quick turnaround and doesn't require dedicated skill sets, which allows a broader range of the workforce to embrace Big Data successfully.
As organizations increasingly rely on information to optimize the workplace, building customized and broadly scoped Big Data projects will be critical to their ongoing survival.
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