Would you run your business with only 0.5 percent of your workforce? Could you succeed with just that percentage of your data center utilized? Of course not. And you would never make strategic decisions with only a half a percent of the information available to you. No one in their right mind would do that.
But when it comes to extracting value from Big Data, it’s what most enterprises do every day.
Big Data is a big discussion topic. So why is that 0.5 percent figure so low? In addition to the volume, velocity, variety and complexity of Big Data driving the projected 50-fold growth in the Digital Universe from 2010 to 2020, there are three reasons companies analyze so little of it. First, there is a seismic shift in the sources and destinations of Big Data. Second, much of the data must be analyzed real-time, or it rapidly loses value. Third, the data analytics skill gap continues to expand. Details about all three factors are highlighted in IDC’s Digital Universe report, while others were called out at IDC Predictions 2013: Big Data Battle for Dominance in the Intelligent Economy on Jan. 8. They include:
Other companies are already taking action against these challenges. What should you do? For a CIO, a holistic approach is the only way to handle the onslaught of data challenges. At a strategy level, it includes these crucial steps:
1. Create an information or Big Data strategy to capture, store, replicate and scale data at speeds required by the business. When data is monetized to satisfy your business needs, IT can prove its value. By mapping the value of data to the business, your focused KPIs and better margins resoundingly prove IT’s value.
2. Get all key stakeholders involved to bring you, your C-suite stakeholders, lines of business, and technology staff to the same table. Your goals include gaining insight into your supply chain for process management and improvement, improving end-user mobility for field sales and operations, integrating social media for customer engagement and acquisition and addressing compliance and risk management. You need all the right people in on the dialog.
3. Identify and select an experienced technology partner that can deliver the solutions, and results, you need. They should offer an intelligent end-to-end approach designed for Big Data that includes:
In the meantime, how are you doing? Are you able to extract value from the data within your enterprise? Are you leveraging above or below the half percent average? Would you like to compare notes with your industry peers to see if and how you can move above –far above—that average?
You can learn more about how HP can help harness the Power of Big Data at www.hp.com/go/information