The use of cloud, social and mobile technologies is providing the private sector with more information than ever before. While this presents a number of unique opportunities for companies of all sizes, decision-makers that plan big data initiatives poorly will likely experience more problems than benefits. For this reason, executives need to prioritize the adoption of analytic solutions.
When organizations adopt business intelligence software, they can capture, analyze and make sense of the mountains of information now at their disposal. This will be critical to the long-term success of the enterprise, according to a report by Teradata. By leveraging analytic tools, decision-makers can be sure they prioritize data quality, as trying to make use of inaccurate information will not deliver any substantial results.
"Business leaders and chief information officers who are the quickest to adopt big analytic solutions in a unified architecture will be the most competitive," said Scott Gnau, president of Teradata Labs. "Successful companies are already extending the value of classic analytics by integrating cutting-edge big data technologies and outsmarting their competitors."
The future of big data analytics
Although there will be a number of changes taking shape in the coming years, the emergence of the big data discovery platform will be among the most important, according to Teradata. Unlike traditional solutions, these services give organizations the ability to conduct scalable experiments using big data at a fraction of the cost it would be to implement a company-wide project. This provides decision-makers with the foresight to assess whether specific tasks will provide any real benefits.
Teradata also said big data analytics will converge with traditional business intelligence solutions to provide firms with a holistic evaluation experience. Gartner revealed similar findings, noting that these tools will make up a major portion of the overall software market, especially as companies evolve and demand unique advantages.
"As more and more information is generated, business models need reinvention and it's increasingly clear that mastering analytics on big data will be a key driver for the next economic cycle," said Dan Sommer, principal research analyst at Gartner.
By planning ahead and prioritizing the use of big data tools, decision-makers can be sure their analytic strategies are effective and provide real-time results. If executives neglect to emphasize the importance of accuracy and consistency throughout data sets, departments attempting to make use of information will likely experience discrepancies and other errors.