13 Sep Study: Despite backlash, big data spending to grow
Since its inception into the business mindset, big data has been a controversial subject. It's important to separate this from data itself. Everyone knows that information volumes are growing rapidly, but the idea of implementing a big data strategy has not always been met with resounding acceptance. A New York Times piece titled "Is Big Data an Economic Big Dud?" is just a sampling of this antagonistic viewpoint.
However, media influence and the doubts of industry leaders have not had a negative impact on big data growth. In fact, it has had quite the opposite effect. According to a study conducted by NewVantage Partners, 68 percent of C-suite executives plan on making big data investments of $1 million or more this year. Only 33 percent reported such plans last year. Additionally, 88 percent of survey respondents said they plan on spending more than $1 million annually on big data by 2016.
This means businesses are realizing the importance of big data and the value of investing in strategies and solutions designed to help manage their information. Those who oppose the idea of big data will likely have to reverse their position in the coming years as data grows. In this case, the inability to properly manage a big data initiative could ultimately prove to be a competitive disadvantage.
So how does one get on board with big data? While this can vary depending on numerous factors pertaining to each individual business, having the right technology to process information is a universal need. Building a custom database software solution can help organizations properly manage growing amounts of information.