Is big data a sound investment?
- by 7wData
Big data is quoted a hype in the market. Companies have adopted it and have started to see huge benefits. There is an increasing trend of acceptance of big data and analytics alongside the manpower that is required to operate it efficiently. According to a Gartner study, 83 percent of the business leaders have pursued big data projects in order to seize competitive edge. Another study reveals more than 56 percent of enterprises will increase their investment in big data over the next three years. Indicative are the figures of an upsurge in acceptance of the technology at various levels of the enterprise. Not only are companies embracing it, the government as well is witnessing its potential and is implementing it across functions and dimensions.
In general, when companies adopt big data, they benefit in their operations in an enormous way, thereby gaining a competitive edge because of the insights technology provides it. The company thereby witnesses huge upsurge market share, revenue gain and profit making, subsequently attracting Foreign Direct Investment (FDI). According to research reports, 79 percent of the business leaders agree that companies that do not embrace big data will lose their competitive position and may even face extinction. This clearly indicates that this is definitely a concept and technology to watch for and invest in the coming years.
Why companies invest in Big Data? With big data and analytics as part of the company and IT strategy, within no time one gets meaningful insights out of huge and complex data. This real time data provides a systematic and detailed view. These insights are available to different stakeholders on a periodic basis. The relevant analysis assist the various stakeholders to take better and effective business decisions, reduce risk and forecast trends for better product and business operations. With respect to product development the benefits are huge. The product development lifecycle shortens considerably as there is a better understanding of what the customer/ consumer wants. With analytics in place, the product is developed taking into consideration pre-calculated and pre-analyzed information.
Improved customer acquisition and retention are other advantages of big data. Issues related to customers are solved in no time. Greater flexibility and improved attention is given to each customer.
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