We’ve spent some time here on our blog discussing the security and storage aspects of Big Data, and for good reason. Financial services organizations and other verticals that house sensitive data need to consider security first or face the possible consequences. At the same time, organizations can find gold in their data and with the Internet of Things (IoT) now building on that Big Data set, the possibilities for gaining a competitive advantage outweigh the risks.
But first, that Big Data needs to be analyzed, and that’s proving to be a tall task for many. Back in late 2013, Wikibon conducted a survey of their community to determine how companies are capitalizing on Big Data analytics. The survey found that 48 percent of practitioners have yet to realize the value they had hoped—on average, just a $.55 return for each dollar spent. The survey also said that these same responders said they ultimately want to realize a return of $3.50 per dollar spent in the next three to five years.
With such a long way to go, where’s the disconnect? Wikibon’s 2014 community survey tried to tackle that question, and the results also revealed some interesting insights that are worth sharing:
- While 54 percent of IT personnel feel they’ve realized success, only 18 percent of business-side personnel felt the same way. The reason for this comes down to the differing success factors for each group. IT naturally considers technology used to support and analyze Big Data successful when it’s implemented correctly and running smoothly. The business-side wants to analyze Big Data to look for market and customer insights or to solve business problems or identify opportunities. Clearly, these goals aren’t being met and with IoT bringing more data points into the Big Data pool, success will be even more difficult.
- Hadoop is making a big impact, with 61 percent of responders saying they have moved from mainframes and traditional warehouse to the open-source software framework. This move may benefit many on the business-side seeking analytics, but there’s a skills gap of on the IT side with using Hadoop.
With IoT fueling the growth of Big Data, will IT resources be able to stay ahead of the curve? Tell us what you think and share your thoughts below.