Big data analytics and other tools provide executives with new approaches to address management and other important marketing components. After all, if decision-makers are unable to effectively control the information in their possession, their organizations will likely suffer from poor operations. For this reason, among others, big data projects are quickly gaining momentum in the private sector.
A recent report by Gartner highlighted that 2013 will likely be when businesses around the world fully embrace big data technologies. Although the tools have been used sporadically throughout the private sector for the last several years, these firms were merely early adopters trying to gain a competitive advantage over rivals. This year, big data quality will approach mainstream attention.
"Business and IT executives regularly say that information is one of their company's greatest assets," said Doug Laney, research vice president at Gartner. "Businesses are increasingly managing and deploying information more effectively than ever, but certainly not with the well-honed asset management discipline applied to their traditional material, financial or other intangible assets."
In 2013, decision-makers will begin approaching big data with the same priorities as projects associated with properly managed information. This will make a world of difference in the coming years, giving executives new insights and opportunities to improve operations, reduce costs, enhance marketing strategies and boost collaboration.
The big data of tomorrow
In the past, organizations captured, analyzed and used information to gain an advantage over rival firms. As big data projects become the norm, however, executives will need to embrace the projects to survive. In fact, analysts said necessity and conviction are the two main reasons businesses are turning to big data technologies.
"Organizations have increased their understanding of what big data is and how it could transform the business in novel ways," Laney said. "The new key questions have shifted to 'What are the strategies and skills required?' and 'How can we measure and ensure our return on investment?'"
A report by Transparency Market Research revealed that the big data industry is forecast to expand at a compound annual growth rate of more than 40 percent between 2012 and 2018, increasing in revenue from $6.3 billion to $48.3 billion.
As the private sector evolves, decision-makers will recognize the underlying importance of implementing a big data strategy, as neglecting to do so will hinder their organizations' ability to compete.