Big data is all the rage throughout the information technology (IT) industry, as organizations look for ways to identify trends found within corporate resources to enhance decision-making and set themselves up for a successful future. A recent Gartner report suggested that CIOs must both manage the technology aspects of big data and embrace innovation to truly gain a competitive advantage over rival firms.
Hung LeHong, Gartner research vice president, explained that companies must take a two-pronged approach to the big data phenomenon.
“First, the technology itself is innovative. Second, enterprises must be willing to innovate in the way they perform decision support and analytics,” LeHong said. “This second reason is not a technology challenge, but rather a process and change management challenge.”
LeHong added that big data solutions open new possibilities regarding how companies can analyze current problems and make improvements to address these challenges like never before.
To be successful with big data, it is clear that businesses will have to manage unstructured data more effectively. Gartner said that this information holds immense value and potential for companies that can analyze these resources.
Big data technologies and services market expanding quickly
As more corporate executives realize the importance of big data and how this information can benefit their firms, spending for technologies and services in this area is expected to reach new heights. A report by IDC said that such spending will expand at a compound annual growth rate (CAGR) of roughly 32 percent between 2012 and 2016, reaching $23.8 billion.
One of the key business effects associated with big data concerns data management, which can be greatly impacted if firms lack the proper storage capacity to handle these workloads. IDC said that big data storage will experience a CAGR of more than 53 percent within the forecast period.
Dan Vesset, IDC vice president, said that the big data technology and services landscape has emerged as a prime opportunity for businesses on a global scale.
“It is an important topic on many executive agendas and presents some of the most attractive job opportunities for people with the right technology, analytics, communication and industry domain expertise,” Vesset said.
Organizations that are successful with their big data workloads can undoubtedly find value in information to make more sound decisions and offer clients and customers more personalized service. Companies looking to achieve this goal must not only have the proper tools available, but a skilled workforce to see such initiatives through.