Happy New Year – a time for resolutions. On January 5th the Sunday Review of the NY Times noted that a study by University of Scranton (PA) psychologists found that success of New Year’s resolutions dropped over time – something I think we all would expect:
So, I would suggest that businesses make a resolution to implement a Big Data solution this year – or be prepared for the consequences.
The Consequences of Not Resolving to Adopt Big Data
The media is a buzz about big data and rightfully so, Big Data is changing the world we live in. In May 2011, Gartner noted: “Big data will represent a hugely disruptive force during the next five years, enabling levels of insight that are currently unachievable through any other means”. By July 2011, they were saying “Through 2015, organizations integrating high value, diverse new information sources and types into a coherent information management infrastructure will outperform industry peers financially by more than 20%”.
The McKinsey Global Institute noted in its May 2011 report that: “analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus… From the standpoint of competitiveness and the potential capture of value, all companies need to take big data seriously. In most industries, established competitors and new entrants alike will leverage data-driven strategies to innovate, compete, and capture value from deep and up-to-real-time information. Indeed, we found early examples of such use of data in every sector we examined”
The Paradigm Shift of Big Data
Yes, the very fabric of Business Intelligence and Data Warehousing is shaking as this new “paradigm”, the next generation of BI/DW, takes hold – allow me to elaborate:
With the data at hand it’s easy to see the growing influence Big Data is having, and will continue to have, on businesses going forward. Given what we predict about the definitive role Big Data will play in decision-making, advancing without being prepared would be naive. It is best to use this insight not only to be ready for the future, but more importantly prosper because of it.
For my next blog (The Business Case for Big Data Part 2), I will dig into the recently released EMC Global Data Science Study. I’ll cover in detail what the study found and give helpful insight on how people can best capitalize on the myriad of changes Big Data is bringing to business.
