Big Data analytics is set to redefine the competitive landscape during the next three years according to a new study released by General Electric and Accenture. The study found that nine out of ten large corporations now believe that Big Data is so important to their core strategy that it will adversely affect those who fail to embrace it during the next 12-months. Business intelligence and the creation and development of new opportunities using raw data will also enable leaders to improve their market share by using it as part of a key differentiation strategy.
The focus on Big Data has coincided with an industry-wide shift towards cloud services. These services, powered by ERP and CRM specialists such as Oracle, Microsoft and SAP are enabling organisations to make sense of a growing mass of data by providing a scalable and agile foundation for insights, new business models and production collaboration across the organisation and beyond. The recent advances in analytics have been hugely beneficial to modern businesses as more employees can now make important data-driven decisions on a daily basis.
Big Data initiatives are on the rise, but there are still challenges for businesses to overcome if they are to implement them effectively over the long term. According to the study, the main concerns relate to the difficulty of introducing a wide-scale initiative due to information and cyber security concerns, and the presence of system barriers between departments, which are reducing the impact of such initiatives. Ten per cent of those asked also revealed that they were not experiencing any challenges, nor did they expect to.
Making sense of the growing mass of data and the Internet of Things will prove to be hugely beneficial to organisations during the next 12 months, especially for those in industries such as Geotech and Biotech where anticipating future developments and acting upon them will provide as much value as new patents and breakthroughs in the laboratory.
The race to use social data as a means of making strategic decisions also gathered pace earlier this week with IBM announcing that they are partnering with Twitter. The new partnership will enable businesses to factor trends and Twitter data in to every decision they make. “Businesses have only scratched the surface of what is possible,” said Twitter CEO Dick Costolo. If that is the case then companies are likely to invest even more of their technology budget into Big Data during the next decade to increase profitability and gain an edge over competitors.
This article has been written by Andreea Antoniu - BI, Data & Analytics Consultant, if you would like to have a detailed discussion please contact Andreea on: +44 (0)20 7014 0230 or send an email to firstname.lastname@example.org
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