Corporate data management has been directly influenced in recent years by significant trends like big data, placing greater emphasis on effective analytics to handle these large information caches. A recent survey of more than 600 business and IT leaders by Lavastorm found that nearly 60 percent of respondents expect to invest more in analytic tools this year to overcome several challenges. Some participants said traditional solutions make it difficult to have control over information, while others said these options limit access and do not generate enough insight into corporate data.
To overcome these hurdles, 53 percent of respondents anticipate greater investment in employee salaries, while 51 percent plan to focus on predictive analytics and 35 percent said the same for big data.
Drew Rockwell, analytics CEO at Lavastorm, said the study’s results clearly show that organizations are dealing with several challenges associated with data sources.
“Overall the survey points to the fact that data management is a tough problem and requires the right tools, processes, and skilled people to access, integrate and analyze data,” Rockwell said.
Big data, analytics both IT priorities
The demand for big data and analytics is expected to ramp up in the near future, and more decision-makers will likely focus on both areas to help their firms remain competitive moving forward. Market research firm IDC recently published its big data and analytics maturity model to help organizations take advantage of their information.
The importance of decision-making based on data cannot be overlooked, according to IDC. The market for these services and the related technology is projected to reach $100 billion in the future. IDC Program Vice President Dan Vesset emphasized the significance of both sectors to corporate executives.
“Big data and analytics have become top agenda items for many executives, but with the opportunity to unlock the value of big data to accelerate innovation, drive optimization, and improve compliance comes the need to demonstrate value, navigate expanding technology alternatives, re-create business processes and ensure the availability of appropriately skilled staff,” said Vesset.
Vesset concluded that businesses with successful big data and analytics programs can serve members more effectively and set themselves apart from competitors.
The big data phenomenon is still maturing, but it is clear that business leaders who want their companies to remain successful into the future are realizing the importance of using tools like analytics to manage and extract value from information.