How to Gain the Maximum Value Out of Big Data
February 5, 2013
From the Harvard Business Review comes an article that outlines the results of an interesting survey conducted by NewVantage Partners on how businesses plan to achieve value from big data and the technological solutions that tap into it. In the article, “Getting the Maximum Value Out of Your Big Data Initiative both statistics from the study are shared in addition to next steps for organizations looking to employ big data.
As many as 85% of participating companies answered that that either have big data initiatives in the works or currently underway in order to improve business practices and increase efficiency.
The article states:
In order to achieve this goal, many of the firms interviewed have established a new business metric for measuring the value of their Big Data initiatives — Time-to-Answer (TTA). TTA reflects the speed by which executives can answer critical business questions and has become a common measure on Wall Street and among other leading firms. The Pentagon has established an equivalent metric known as Data-to-Decision, which is dramatized in the analyses conducted by the intelligence community in the Academy Award–nominated film Zero Dark Thirty.
These organizations developing metrics for evaluating ROI such as TTA are a few steps ahead of others. These such organizations were most likely the early adopters of key technology components such as PolySpot. Their solutions enable connectivity between data across the enterprise.
Megan Feil, February 5, 2013
Sponsored by ArnoldIT.com, developer of Beyond Search.