More than 75 percent of organizations are planning big-data investments in
the next two years, according to a 2015 Gartner report. Yet, only 37 percent of
organizations have deployed big-data projects in the past year, suggesting that
filling the gap between data and insight remains a substantial hurdle.
Nearly 50 percent of organizations that use big data say it has been more
expensive than they expected, according to a 2015 survey by Vanson Bourne.
Likewise, budget limitation is the most common reason that organizations don’t
use big data, the survey found. But a “go-big-or-go-home” philosophy on data
might not be in an organization’s financial interests, says Hannu Verkasalo,
PhD, CEO and founder, Verto Analytics, an Espoo, Finland-based firm that
measures consumer engagement with brands online.
“Companies large and small struggle to use big data for business benefit,”
he says. “Even those organizations with vast amounts of data available are not
finding it easy to aggregate, analyze, quantify, populate or derive metrics that
provide actionable insights for decision-making.”
A SMALL FORTUNE
Rather than casting a wide net to blindly mine data, some organizations are taking a more focused approach to capture a greater ROI. By using targeted data to
streamline project portfolios, organizations are finding that so-called small data
is a big deal.