The popularity of big data analytics continued to grow last year, with more large companies adopting the technology to assist with the decision making
According to a NewVantage study, 65 per cent of Fortune 1000 firms report that they now have at least one example of Big Data in production, almost double the 31.4 per cent recorded in 2013. Some 26.8 per cent of companies stated that they will invest more than $50 million in Big Data by 2017, marking a significant rise from the 5.4 per cent recorded in 2014.
The chief data officer position has also become more established, with 54 per cent of companies now having one on their team. Some 20 per cent of companies also reported that the chief data officer is the executive with primary ownership responsibility for big data.
Some 33.9 per cent of companies said that business and technology cooperation was the most critical factor in business adoption, putting it ahead of all other factors by a wide margin.
Strong business sponsorship was viewed as the most critical factor by 23.2 per cent of companies, while technology leadership (5.4 per cent) and technology selection (0 per cent) were viewed less favourably.
The study found that business insights and speed are the key drivers of big data investment, with businesses now citing the ability to develop better insights into their business and customers (37 per cent) as the largest driver of Big Data investment,
Second in this list is the advantages gained from faster speeds, including faster-time-to-answer, faster-time-to-decision and faster speed-to-market (29.7 per cent). Companies also require greater analytics capabilities (9.3 per cent) and the chance to develop a data-driven culture.
With more information now available for businesses, it is vital that specialists protect their data and make sure workers are aware of how to use it properly, or they could leave themselves vulnerable to cyber criminals.