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Big Data Pushing Faster, Better Decisions
Source: itworldcanada.com
Source Date: Friday, January 11, 2013
Focus: E-Procurement
Country: Canada
Created: Jan 22, 2013

A recent survey of large enterprise firms reveals that 75 per cent of companies are investing more than $1 million a year on Big Data initiatives
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.

(By Nestor E. Arellano)
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