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.
A New Application Development Approach for Today’s Speed of Business
As IT departments’ lists of backlogged application development projects keep growing, so does the speed of new development requests from line-of-business personnel. For many IT departments, the speed of business can’t be met under current practices. This inability to keep pace with critical development requests, supporting timely strategy modifications, seriously impacts an enterprise’s profitability.