Big data and analytics are undergoing a period of rapid adoption, according to a new report published by NewVantage partners.
The Big Data Executive Survey 2014: An Update on the State of big data in the Large Corporate World is the third annual report to be carried out and focuses on the forces that drive business investment and big data.
NewVantage analysed the responses provided by Fortune 1000 senior business and technology executives – from organisations such as American Express, General Electric, Johnson & Johnson and Wells Fargo.
The results show that corporate investment in big data for investments greater than $10m (£6.25 million) is expected to expand from 35 to 75 per cent in the next three years. Meanwhile, investments greater than $50m will raise to 28 per cent.
Executives taking part in the survey also cited the benefits big data can bring to a business. These included greater insight and learning, increased business agility and flexibility, as well as the ability to obtain answers and make fast – yet informed – decisions.
Commenting on the report, CEO and co-founder of NewVantage explained that big data was a new topic only a few years ago. "Now [it] is largely viewed as a mainstream activity that is an integrated component of how [companies] do business," he said.
With 125 senior executives from 59 companies taking part in the survey, the report demonstrates how committed to big data businesses have become.
Respondents agreed that a strong business-IT partnership is essential to the success of big data initiatives. In addition, 43 per cent reported that the role of chief data officer had been established in their business – last year, this role was only established in 26 per cent of businesses.
In the report's foreword message, data and analytics expert Thomas H Davenport says that spending on big data is up and expected to increase dramatically.
He adds: "Surveyed executives are bullish on the importance of big data to their businesses. Only three per cent feel that it's time for the 'same old stuff.' Everything is sunny in the world of big data."