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Big data's potential looms for companies with a plan

Rachel Wheeler Archive
It appears that 2012 could be the year big data enters the mainstream, according to Forbes. It's already become a buzzword across industries, as numerous companies are striving to implement a big data plan before their competitors. This fervency has driven up the number of times the term has been searched on Google fourfold. Despite the growing overall interest, it's becoming evident that interested parties have not always done their homework.

An MIT study found that some businesses are hoarding the data, rather than harnessing it to make better decisions, the Daily Telegraph points out. The report revealed that only 17 percent of companies engaging in big data strategies were using more than 75 percent of the information collected, meaning they are storing mass amounts of data without tapping its potential.

This finding can be explained by the fact that data creation is growing at a rapid rate, and that companies do not have the proper plans in place to handle the information they're collecting. IDC predicts data is growing at an annual rate of 60 percent, which puts even more pressure on businesses to launch their tactics with clear objectives, according to eWEEK.

With definitive plans established, companies might have an easier time analyzing the information once it's gathered and ensuring the data quality is what they expect, the Telegraph adds.