As Big Data Forces Companies to Change, Are You Making the Right Bets?

Is the pace of innovation in the big data ecosystem moving faster than your enterprise can possibly change? If so, you are not alone. The volume of data has grown as such a fast rate, knowing what you need to access, much less being able to harness it, is becoming increasingly complex.  

And, just in case you haven’t read the gazillion articles out there listing the data facts, here are a few to set some context:   

• 90% of the world’s data has been created in the past two years

• The amount of digital information created is expected to reach 8 zettabytes (1 million petabytes) by the end of 2015

• The growth in data is accelerating and is expected to reach 35 to 40 zettabytes by 2020. 

Even with the explosion in data and the resulting emergence of people with the right skill sets and a plethora of companies with new capabilities, the fact remains that the big data world is still immature, untested, and in a constant state of change.  As a result of this rapid evolution, new trends are emerging just as quickly - some could be the right ones and some are definitely going to be proven to be the wrong ones.  

Trend 1:  Taking a Kitchen Sink Approach to Big Data 

There is a lot of hype in market, and people want to look at everything through the Big Data lens.  

In some organizations, big data has become more of a “catch all” or “silver bullet.” There is also the mentality that if you don’t do big data and don’t talk about big data, you are not doing the right thing.  There are also some that think having all of the right technologies (NoSQL, Hadoop, Artificial Intelligence, Machine Learning, etc.) will solve their business challenges. 

The problem with this approach is that organizations are putting too much emphasis on the technology.  This laser focus on technology, without taking a step back to look at larger business problems, often causes a company to miss the big picture. 

The right approach is to partner with someone that has the technology expertise and a holistic big data solution, plus business knowledge.  Without being consumed by technology for technology’s sake, organizations can take a deeper dive into their goals and challenges, and allow the data to guide them to impactful insights. 

Trend 2.  Innovation is Superseding Enterprise Decision-Making Processes 

Currently, companies have their “usual way” of using data, and have a typical set of decisions they make using that information, for example they run a report to see where to send additional inventory or where to launch a promotion. The problem is, this old way of using data is often limiting, too slow and backward looking. 

The market has matured considerably, and in many cases data is generating vast amounts of information and new ideas.  This has created a problem where data and insights are generated faster than the enterprise decision-making process can respond.  In essence, the speed of data and insights has created a level of indecision in enterprise and is hampering the ability the act. 

A new approach to big data and analytics is needed; one that more closely ties innovation to decision-making and action.  This is certainly not simple, particularly in large and siloed organizations, but is necessary.  Big data will cause organizations to shift priorities, implement new processes, and adopt a mindset and a culture of change. 

Trend 3:  Movement Toward Rapid Experimentation

As we mentioned, the amount and type of data companies collect is growing exponentially.  Companies that will make the most of big data have taken an approach that includes rapid prototyping and experimenting, and are turning big data analytics into a business accelerator. 

With the understanding that not all big data efforts will generate ground-breaking findings, these companies work quickly on a number of fronts, and know that some of the findings will lead to insights that impact the business, and allow for high confidence decision-making. 

In our webinar, Big Data: The Move Toward Rapid Experimentation, we share our insights as to what is driving companies toward this approach and how you can think about it for your organization. Please join us September 24 by registering here.