Many industries are eyeing big data as a better way to identify some of their biggest problems and fine-tune solutions for the issues that usually require decision makers to rely on gut instincts. At the recent MIT Sloan CFO Summit, Justin Borgman, the founder and CEO of data analysis software vendor Hadapt, said that while businesses may be making investments in big data tools that seem discretionary, they will eventually realize they couldn't get by without them, as CFO Magazine reported.
"Big data is a great opportunity," said Jean Johnson, KPMG's business intelligence principal. "I think it's changing the way business is going to be done, but it takes time to get the good foundation to harness the data."
Having a solid base means first setting goals that guide the implementation, developing the necessary infrastructure, investing in the tools to verify the data quality
and the experts to analyze the content for actionable insight, according to Information Management. Even after the systems are established, companies will still need to maintain them to ensure data sets don't expire, become corrupt or end up disorganized.