“When it comes to big data, organizations are feeling the need for speed. Using the cloud as a platform for innovation, companies are rolling out big data and analytics technologies not simply to transform how they engage with customers, but to change how their businesses do business,” writes Glenn Finch on Forbes.
As 2015 gets started how does your company plan to use big data to drive business results? Mr. Finch provides the following insights when it comes to getting started on a big data analytics project:
Big data is not just about your customers it is also about your operations. 40% of the companies surveyed by IBM reported using big data and analytics to manage operations and back office functions more effectively. Mr. Finch points to a healthcare industry example where IBM’s Watson analytics are helping nurses make better decisions.
The payback on investment is quicker than expected. An IBM study found that 63% of companies surveyed saw a return on their investment within one year and 26% even saw a payback within six months. These findings may be surprising but not so considering the daily news stories about the industry-changing results of well-executed big data projects.
Think beyond volume. In 2015 companies will not solely look to big data to help sort through the volume of data that is collected and stored. Instead, big data will be used as a tool to pull insights quickly to further a company’s competitive edge in the marketplace. As Mr. Finch writes, “velocity, not volume, is driving the impact of big data.”
According to the article, IBM expects demand for data-driven insights to accelerate in 2015. Mr. Finch adds, “big data is providing precise, real-time insight into everything from inventory to sales to employee performance to customer needs. To compete, other organizations need to move from gathering data to quickly acting on insight provided by the data.”