Harnessing the power of Big Data

In a world where information is everywhere, enterprises are beginning to understand that deriving actionable insights from all types of data is the key to driving success. In the next three years, more than 90% of organizations plan to incorporate unstructured data into their enterprise insights, processes and strategy.

According to new global research commissioned by HP, more than half of all respondents feel that gaining insight and effectively managing Big Data is strategic to their organizations.

The research found 69% of private organizations indicating that an effective information optimization strategy would provide them with a competitive advantage. 74% of public sector respondents indicated that an effective information optimization strategy would allow them to better serve citizens. Additionally, 65% of respondents regard the skills of a chief data officer as imperative to bridge the chasm between Big Data and driving enterprise insight.

The Coleman Parkes Research study was conducted by Coleman Parkes Research and comprised 550 interviews among senior business and technology executives within enterprises (more than 1,000 employees) and midmarket companies (500-1,000 employees). The interviews were conducted via phone in October 2012. Regions included North America (United States and Canada), Europe and the Middle East (Czech Republic, France, Denmark, Germany, Russia, United Arab Emirates and United Kingdom), Asia Pacific (Australia, China, India, Japan and South Korea) and Latin America (Brazil and Mexico).

Beyond Big Data hype

As with most hype-worthy technologies, there’s usually some real solid truth beneath the smoke and jargon, and Big Data is no exception. New technologies have provided the tools to perform more rapid analyses on large data sets, and everything from storage to networks have evolved to the point where we can more rapidly move, process and manipulate these data. Next-generation databases can take all of these data in real time and mesh it with everything happening on the web, in social media and through call centers, to produce a solution that gets you the most accurate information.

Big Data is not just about the size of data, but also the huge variety and sources of data available today. Big Data is comprised of:

  • Structured data from traditional databases
  • Unstructured data consisting of images, videos, email, texts and more
  • Semi-structured data collected from sensors and machines

According to IDC, the volume of the world’s “digital universe” is expected to reach 8 zettabytes by 2015, making storage and management of data a massive challenge.

However, while executives understand the importance of gaining command over the variety, velocity and volume of information, they regard their organizations as unable to address the associated challenges:

  • Only 10% of executives said their organizations currently incorporate unstructured data into their enterprise insights, processes and strategy.
  • Nearly 60% reported that their organizations are not equipped with the right solutions to gain insight from Big Data.
  • Of the executives surveyed, only 16% said that their IT department immediately provides the right information to obtain actionable insight in order to drive the right business outcome, up from two percent compared to last year.
  • Almost half of the respondents indicated that they analyze and act on all sources of structured, semi structured and unstructured data.
  • More than half of the executives admitted that their organizations are not currently prepared with the right strategies, tools and policies to prevent data corruption and unauthorized access to their data.