Sunday, June 20, 2021

Big Data pushing faster, better decisions

BThe potential for making better and faster business decisions is pushing large companies to invest huge sums of money on Big
Data initiatives, according to a recent study conducted by consulting firm NewVantage Partners.
Over 75 per cent of the respondents said they pout no less than $1 million a year while as much as 25 per cent of the firms pour in more than $10 million annually into Big Data initiatives, a report on said.
A number of reasons including risk reduction and creating higher-quality products and services were cited as reasons for investing in Big Data, but the companies said the “quantum leap” in benefits comes from accelerated decision making or so-called time-to-anwser.
If companies can get “valuable answers” within 30 minutes it makes a lot of difference and changes the business process dynamically, according to NewVantage.

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