December | 2015
Financial institutions and retailers are adopting Big Data analytics to generate greater business intelligence and gain competitive advantage. The objective is to provide real-time experience to customers. However, except Google and Amazon, most companies are yet to see the daylight of Big Data analytics success. According to a recent study by McKinsey, three-quarters of the analytics leaders from major companies interviewed admitted to have realized less than one percent improvement in revenues and/or cost with Big Data implementation. According to another recent survey 75 percent of big data/IT projects in the broader industry are incomplete.
What are the reasons behind these failed Big Data implementations? Can companies overcome these barriers to reap higher ROIs? How can enterprises declutter for greater wellness of Big Data and realize greater benefits?
Here are some of the reasons leading to minimum or no realizations of benefits from Big Data implementations:
Here’s what companies can do to establish data wellness:
According to an estimate IDC, eight zettabytes of data will exist by 2015. It is, but obvious, that not all of it is relevant to an enterprise. By decluttering and focusing on what is relevant, reliable and verified, an enterprise can improve its data quality. Enterprises implementing Big Data projects need a comprehensive Data Assurance strategy for the entire Big Data lifecycle.
What are your views to data wellness? Share your comments in the section below.
Bharath Hemachandran is Lead Consultant, Business Application Services at Wipro. With over a decade of experience, Bharath is currently working on helping decipher Big Data and working on innovative uses of Artificial Intelligence and Machine Learning in Quality Assurance. He has worked in a variety of technical and management positions in a number of companies around the world.
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