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 Computerworld.com 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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