Government agencies are seriously searching for new approaches or innovations to merge their silos of information into a single view to assist them in making the right decisions, decrease costs, and enhance time-to-value. But this is a significant difficulty when the most estimable databases can be challenging, if not impossible, to merge. This type of segregation is costly and hinders ethical decision-making and integrated perceptions.
When vital questions need a response, the typical method is to analyze these silos of data singly. This can be acceptable if outcomes aren’t urgently needed for hours or days. But currently, it’s barely the case for government agencies specifically. Data can become outdated even before the completion of the query.
There’s a saying that says “time is money,” but Fortune 1000 executives polled in the fourth annual Big Data Executive Survey that was conducted by NewVantage Partners have confidently assured that decreasing time-to-insight instead of saving money is the primary driver for their Big Data business investment.
Based on the survey conducted in November and December 2015, and published on January 11, 2016, the study assures that Fortune 1000 firms accept that Big Data will deliver competitive benefits by allowing their firms to act quickly when it comes to efficiently analyzing data, gaining perceptions, making vital decisions, and including innovations to market.
The survey considers the developing point of view of chief data officers, business presidents, chief information officers, and also the heads of Big Data initiatives for almost 50 prominent Fortune 1000 firms.
What is the motivation for the significant increase in Big Data investment?
Based on the survey carried out by the NewVantage, a clear pattern has emerged. Organizations are aware that they are required to learn faster and act quickly while only 5.6% of firms established cost savings and operational decrease as the primary motivation of Big Data investment, 83.5% of survey respondents named factors associating with speed, perceptions, and business strength as the primary reasons for Big Data investment.
About 46.5% of firms highlighted factors targeted at improving speed and decreasing the time-to-insight. This is better explained in the chart showing a breakdown of Big Data investment factors associating with time-to-insight.
So, how will organizations answer and influence Big Data investments to increase the speed of the time in which it requires to capture and analyze data, identify correlations, obtain insights, and verify their perceptions in the market?
Accelerate Time-to-Answer through test-and-learn Processes
For a while now, business analysts have been obliged by the time taken to capture, arrange, and make data available to non-technical users. Big Data processes have combined the time taken to engage in analytics by decreasing up-front data engineering and quickly handing over data into the hands of business users.
By beginning with little sets of data, business analysts can engage in repeating processes like the test-and-learn to discover patterns and correlations that will enable them to pay more attention to the most useful data quickly. This ability to quicken the process of perception is alternately referred to as the time-to-answer, time-to-analytics, or time-to-decision. The net outcome is the realization of higher understanding quicker.
Accelerate Speed-to-Market with Data Discovery Environments
Most organizations are already the adoption of new methods to traditional data management. These methods include the classification of analytical sandboxes, Big Data labs, data hubs, and data lakes. All of these methods are built to introduce improved flexibility and strength into the process of taking data and changing it into business perceptions.
The breakthrough of Big Data comes from allowing firms to use fast analysis environments that bring about data discovery. These faster environments generate quicker perceptions, which will enable organizations to move faster to action and quicken the speed with which they can bring new product and service abilities to market. As a motivation for Big Data investment, “speed-to-market” experienced the most significant increase from past years. Lots of firms are searching for measurable outcomes approved in the marketplace.
For the past two decades, big data is the ever increase of digital economy over the course. Most leading firms have quickly learned that they must do what they have to do faster to answer their customer needs and competitive dynamics. These days, firms can no longer wait for days or months to analyze pointers of customer feelings and interest or discover and respond to security threats or credit rifts.
Market leaders cannot wait while their competitors reveal the vital insights that motivate the abilities of their new product and service. The Fortune 1000 firms have decided that the ability to act quickly is about market survival and success. The need for quicker time-to-insight will be the significant motivational force that is behind Big Data investment in the future.