Where’s the return in big data?
Getting return on your big data investment faces two big challenges: Most big data projects fail (according to a InfoChimps survey, 55 per cent); and companies aren’t sure where to look for big data ROI.
According to a recent Tata Consulting Services survey, ROI can be found in numerous corners of a multinational company, with benefits in information about customer value, product quality and campaign and inventory management. But companies are looking for big numbers from logistics and finance; marketing ranked last among the business functions tracked.
Think Big Analytics CEO Ron Bodking tells ComputerWorld that two fields in particular have potential for big data ROI. The so-called “Internet of Things” will provide data collected from a host of connected mobile and machine devices, which can be used to improve sales and decision-making. On the health care front, data processing is becoming a core part of the way physicians treat patients.