What is the Future of Business Intelligence in the Coming Year? [ Related Story: 4 traits good data scientists share ], "There is no one-size-fits-all regarding the CDO [Chief Digital Officer] position," Trombley says. According to a report entitled "How organizations can unlock value and insight from the information they hold," from Pricewaterhouse Coopers (PwC) and Iron Mountain, companies have a lot of progress to make before they start making better use of the data. Therefore, businesses can have an appropriate and effective reach avoiding the huge losses incurred as a result … 9) Monitoring And Tracking. Big Data companies, combined with analytics technology, help businesses achieve valuable insights in many areas. It gives a company more control over its network. By using both a proactive and reactive protection method, you’re actively hunting out weaknesses in your systems while patrolling what is already been identified as a potential risk. This has greatly increased the security challenges of a company and the risk big data breaches. As more antivirus manufacturers begin offering added solutions with more intense system protocols, they will provide a stronger defense that will protect against future security threats. Herein lies the problem. Getting Voluminous Data Into The Big Data Platform . It’s an important problem to solve, but you’ll never get there if you don’t have an efficient, long-term data storage solution to provide a stable foundation. Petley concludes that "data is so pervasive that it is taken for granted or is seen as a by-product. Big Data Companies: The Big Data Leaders Snowflake . Alternatively, some companies see data as the responsibility of IT and data architects, rather than an important resource that should be employed across the company. Furthermore, these businesses had fostered a "strong culture of evidence-based decision making," appointed analysts that can access data, had strong control over their data and had extensive analysis tools in place. Derived from a sample of 1,650 businesses that responded to 36 survey questions, the Information Value Index gives businesses a score from 0 to 100, with 100 being the best use of data possible. Before rushing to hire a data scientist or building an entire department dedicated to analytics, business leaders need to first sit down and figure out what they want to achieve with analytics, according to Trombley. 5. All the elements of the process must be purposeful and aligned closely with business goals. This includes the integration of mobile devices into the business world. Not surprisingly, Trombley says that a quarter of C-suite executives report not seeing any value from data around decision-making, product development, cost savings or customer acquisition and retention. However, less agile enterprises businesses are also found in the data elite, thanks to strong leadership, global information governance arrangements and relevant departments outside of IT in the data functions. This new big data world also brings some massive problems. FTC warns companies that ‘big data’ comes with the potential for big problems (Reuters/Gary Cameron/Files) By . Learn more about: cookie policy. The study found that 16 percent of business leaders reported that they didn't believe their organizations knew what data it had, 23 percent said they didn't know how data transferred through their businesses or where it could be used best, and 20 percent didn't know where their data was most vulnerable. "It can be bought, sold, shared and even stolen -- all things that suggest that data has value. HR/Benefits Big Tech Companies With Diversity Problems Get Named Top for Diversity The 'study' shows the limitations of surveys when you have hard data available. When a system sends or receives any type of information, it should go through a validation process to ensure that it is from a trusted or trustworthy source. 2) NoSQL. However, you can make the fight easier by taking steps to secure your systems, regulate data access and usage, and actively monitor your networks with real-time protection. Their best bet is to form one common data analysis team for the company, either through re-skilling your current workers or recruiting new workers specialized in big data. Non-related databases evolve faster than you could imagine. Big data analytics is good for advertisers since the companies can use this data to understand customers purchasing behaviour. Most applications are cloud-based. It's all about "having a strategy for data management," says Trombley. Mid-market companies earned an average score of 48.8, while enterprise businesses earned an average score of 52.6; combined, the overall score for all companies surveyed came in a just over 50. Even further, three out of four companies haven't employed a data analyst, and out of companies that do, only one quarter are using these employees competently, according to the survey. In essence it’s a platform that leverages the best of Big Data and cloud in combination, enabling users to mine vast quantities of data using the cloud. This includes Box, Dropbox, and Stream Nation. Emphasize Application Security instead of device security. This lack of data understanding spans across manufacturing and engineering, pharmaceuticals, financial services, legal services, insurance, energy and healthcare. There is no set number of gigabytes or terabytes or petabytes that separates "big data" from "average-sized data." Of the 85% of companies using Big Data, only 37% have been successful in data-driven insights. Some offer powerful data analysis tools, while others aggregate and organize datasets into usable formats. 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