A lot of IT buzzwords get thrown around without there ever really being any context as to what the technology does for a business or how many companies are actually utilizing it. For 2015, that buzzword is definitely “big data”. It pops up everywhere, but what is the real picture? According to a recent study by EMC, big data is more than just a buzzword, it’s a necessary tool for enterprise success.
The recent report “Big & Fast Data: The Rise of Insight-Driven Business” sponsored by Capgemini revealed that a growing number of companies are investing in big data initiatives and are seeing positive results. According to the study, 70 percent of IT decision-makers believe their organization’s ability to extract value from big data is critical to their future success. Another 65 percent said that they risk becoming irrelevant or losing a competitive advantage if they don’t utilize big data.
Businesses bracing for shifts as big data takes hold
The study, which included interviews with more than 1,000 senior executives and decision-makers across nine industries in 10 countries, provides a variety of insights into how companies are responding to the changes big data has brought to the enterprise. More than half of respondents believe that investments in big data will outstrip past investment in information management over the next three years. This is due in part to the fact that 63 percent of participants believe the monetization of data could potentially become as valuable as existing products and services. This is especially true among those in the telecommunications sector, where 83 percent of respondents agreed with the statement.
One of the most significant statistics is the fact that 47 percent of senior executives believe their organizations’ IT systems are not properly optimized to allow business decision-makers to do their jobs effectively. These executives reported seeing a need for increasing the cadence of their IT systems’ improvement to keep up with the increasing client, supplier and stakeholder requirements outside of their organizations.
In order to accommodate all of the changes brought about by the increased use of big data, businesses will need to ensure that their data center solutions and IT infrastructure are up to the challenge. Working with a trusted service provider to upgrade infrastructure and improve data center performance is the most reliable way to ensure that new big data initiatives will be implemented successfully.