Big Data features prominently on almost all technology trend lists for 2013. And why should it not? The times that companies had the luxury to analyze their own data - when they had the time to do so in order to find out how they had done in the past - is long gone. Organizations of today need real-time, predictive analytics to stay ahead of their competition. IDC Asia/Pacific predicts that Big Data solutions are going to be a significant differentiator for those businesses able to use them to change their competitive positions. It feels the following year will see an increase in the uptake of in-memory analytics and processing technologies, thus enabling organizations to churn out information more quickly.
A recent survey by NewVantage Partners on Big Data revealed that executives at Fortune 1000 companies and large government agencies cherish high expectations about what such advanced analytics could mean for their business. Most respondents felt their companies were still residing in a seminal phase and they admitted that their organizations lacked the necessary capabilities to leverage the power of Big Data. The most surprising aspect of the study, however, was the significant gap that was exposed between the expectations and opinions from those executives with an IT profile and those originating from business-oriented departments.
Insights that cannot be understood (correctly) by business users are a total waste of time and money. Yes, Big Data is the root of powerful knowledge and, sure, that’s great if your company is already on to it. But if your Big Data tools are producing predictive analytics intelligence that excels in complexity, it will take ages before your technology department will find the time to convert and deliver them to the right people or – worse still – the results will be misinterpreted by the business users. With disastrous strategic decisions as a result.
You are not alone in the world. Obvious as this may seem, a lot of companies fail to - really - grasp this. Those that only focus on their own company, their own performance, their own customers and their own data – a shocking number of them, in fact - are heading for disaster. Fast. Don’t take our word for it. Believe the Economist Intelligence Unit and its survey ‘Big data lessons from the leaders’. It unveils 4 key findings about how companies do - or should - best exploit the massive amounts of Big Data that is at hand today.
Data scientists are highly sought after and equally hard to find. McKinsey & Company estimated that the United States alone faces a shortage of 140,000 to 190,000 people with analytical expertise and 1.5 million managers and analysts with the skills to understand and make decisions based on the analysis of Big Data.