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Why Big Data?


April 27, 2015

It’s important to keep up with major technology trends like “big data” that promises to change the way organizations operate. Big data didn’t suddenly appear as a solution in search of a problem. Many have jumped on the bandwagon. It is becoming more clear what value big data brings organizations. The problem is that big data surveys run by associations, technology analysts and systems integrators tend to ask different questions. That’s possibly because of a desire to promote specific technologies over others or the need for consultants.

We were able to put together a meta analysis of sorts to see what business processes are most enhanced via big data and the major benefits for big data for decision-making.

The major data advantages relative to traditional business intelligence, in order:

  1. speed of information
  2. data accuracy & quality
  3. data availability to more people
  4. improvement of collaboration
  5. completeness or comprehensiveness in data

Improved “decision making” was sixth, but my observation is that this was implicit in many studies and was not a separate option

The business processes that benefits most from big data, in order:

  1. revenue increase
  2. improved customer engagement, servicing, segmentation
  3. innovation
  4. risk
  5. cost reduction
  6. improved business process management
  7. human resources
  8. marketing

The surprise here is how low “marketing” rated, especially compared to the hype. It was also interesting to see that cost reduction rated as low. This may be a result of early adopters who focus on revenue, customers and innovation first.

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Doug Hadden

Doug Hadden

Executive Vice President, Innovation at FreeBalance
Doug is responsible for identifying new global markets, new technologies and trends, and new and enhanced internal processes. Doug leads a cross-functional international team that is responsible for developing product prototypes and innovative go-to-market strategies.

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