Majority of large corporations are planning to spend upwards of $1 million dollars within the next three years on big data projects, according to a recent survey of Fortune 1000 C-suite executives.

In 2012, only one third of respondents to the survey conducted by business and technology consultancy firm New Vantage Partners indicated that they had big data investments of $1 million or more. This year, that number has grown to 68 per cent with as many as 88 per cent saying their firms intend to spend more than $1 million in big data projects by 2016.

Of those already investing in big data, 19 per cent said their big data expenditures will top $10 million this year with budgets expected to rise by 50 per cent by 2016. Thirty two per cent of executives said their big data initiatives are already operational across their companies.

Organizations have been using data and analytics for decades to gain insights and draw correlations that help in decision making. However big data is different from traditional approaches because it is a “quantum leap in affordability, scale and variety of analytics” it can potentially support, according to Randy Bean, co-founder of New Vantage.

Companies appear to be focused in setting down new enterprise-wide roles and processes. For example, 56 per cent reported they have created an executive committee to look after big data oversight. As many as 49 per cent of the respondents said a C-level executive was the primary owner of enterprise information and big data.

Another survey of C-level executives by McKinsey Global Institute (MGI) found that respondents reported an increased use of data to improve decision making, research and development processes, budgeting and forecasting.

The new focus on data is mandated from the top, according to the respondents. As many as 31 per cent told MGI that their CEOs personally sponsor their company’s digital initiatives

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