Big data has been around for years but real-world adoption has not kept up with the hype — until now. I recently read an article in Forbes about a comprehensive NewVantage survey of Fortune 1000 executives on their data analytics practices. The results show that most large companies are firmly on the big data bandwagon and that more expect to jump on soon.
Sixty-seven percent of respondents reported having enterprise data management projects in place, with 45 percent saying their companies are investing at least $10 million in 2014. Seventy-four percent expect to reach that number by 2017. An overwhelming 82 percent said their big data is fully integrated with the rest of their business processes.
Appropriately, companies are approaching data analytics as a critical part of their business and not just an IT investment, with CEOs and other high-ranking decision-makers guiding the projects. In fact, nearly half of all Fortune 1000 firms now have a chief data officer, or CDO.
What the NewVantage survey tells us is that executives are no longer skeptical of big data's true value, with three quarters of respondents recognizing that data management warrants serious attention. As the country's largest enterprises begin to reap the benefits of big data, companies of all sizes should follow suit and plan their own analytics projects.