Big Data is becoming more and more important to companies of all sizes. Businesses want to make better decisions faster and more reliably but the implication that, for large companies, this means storing and processing petabytes of data is a daunting thought. The consequences of data overload can have a deep impact on your business’ on-going viability; business can be lost if there is an inability to quickly find needed information; important decisions can be delayed; users can become overwhelmed by data rendering them less and less effective; and data security can be compromised.
The recent IDC and Network World research into How today’s enterprises use Big Data provokes much thought and shows a good correlation with our own experiences:
- There is strong momentum – we will see widespread use of Big Data across all industries in the next three years.
- Success will depend on cross-functional partnerships and the degree to which firms are able to integrate Big Data both culturally and procedurally into the business.
- Companies are prepared to invest and they are investing for the long term – short-term RoI is not a major factor. The major concern, however, is the size of the investment required.
- Finding the right talent is difficult now and will become more and more difficult as time passes.
- Concerns about Data Security will take a back seat to resolving the cost and talent issues.
Are you planning on implementing a Big Data solution in your business? If so, how do you plan on allocating your budget?
- Developing or buying software applications?
- Investing in additional server or storage hardware/software?
- Utilizing an open source software framework (e.g. Apache Hadoop)?
- Migrating to cloud-based services for storage?
- Increasing network bandwidth?
- Migrating to cloud-based services for analytics?