Big data delivers a significant return on investment 18 to 24 months after it is rolled out, a new study has suggested.
Research from Computing found that 38 per cent of respondents expect to see positive benefits from the technology after two years, while 27 per cent said one year and 24 per cent said three years.
On the other hand, just five per cent of respondents said five years whereas four per cent said it would take more than five. The study also found that Apache Spark is catching up with Hadoop as the top big data platform.
Over 500 IT workers responded to the nationwide study among businesses that have 100 or more employees from different sectors, including chief technology officers, chief information officers, chief operating officers and IT managers.
“You expect to see a shift in your underwriting results, but that's at an absolute minimum a two-year timeframe,” said one insurance manager who was interviewed as part of the study.
Big data is becoming increasingly important for modern businesses looking for a way to manage information safely and securely, as the number of devices used by companies increases.
By using the technology, businesses are able to identify new ways of utilising information to work out sales patterns and improve the development of products.
The technology can identify failures, issues and defects and make a big difference to the efficiency of companies, especially in the modern age when such large amounts of customer data can be assessed.
As well as this, with companies increasingly concerned with their financial security, it is more important to understand the risks involved in particular projects and make carefully considered decisions.