Companies are spending big on Big Data.
By 2015, the Financial Services industry will be spending $6.4B on Big Data with an annual growth of 22% by 2020.
The Software Industry and The Government will be spending $2.8B on big data by 2015 with an annual growth of 26% and 22% respectively. The Communications and Media Industry will be spending $1.2B on big data by 2015 with an annual growth of 40%, while the Energy and Utilities Industry will spend $800M in 2015 on big data.
Why do all these Industries feel the need to spend on big data?
Because Big Data Analytics provides several benefits:
1. Companies using Big Data and Analytics are 2X more likely to achieve a top quarter financial performance.
2. These Companies are 5X times more likely to make better informed decisions than their competitors.
3. Companies using Big Data are 3X times likely to execute decisions as planned.
4. These Companies are 2X more likely to use Data to base their decisions on.
Companies typically use one of four models to make Big Data part of their operations:
1. Business units lead the charge
2. Business units lead, but with help from headquarters.
3. A central team manages all information, identifies and prioritizes initiatives.
4. An independent ‘center of excellence” oversees the whole effort.
Over to you – Is your Organization taking advantage of Big Data? If so, tell us how in comments.