It’s on every enterprise list of Things To Tackle in 2015. It’s every organization’s technological priority because it’s commonly considered important to future growth and competitive positioning. The value of Big data is big news —without a doubt.
Even though most business executives think realizing benefits from the value of big data is long overdue, look at the low participation figures:
- According to a recent IDG Enterprise survey, only 14 percent of respondents said that their enterprises had already deployed big data solutions3
- Only 44 percent of enterprises report their organizations are in the planning or implementation stage of big data solutions1
- A significant 85 percent of executives surveyed reported facing significant obstacles in dealing with big data, including security issues, a shortage of trained staff, and the need to develop new internal capabilities.
Arguably, all the hesitation links back to the complexity of the data and finding the solutions to manage it. If there’s so much upside, why aren’t more companies further along in their efforts to exploit their big data? Most organizations have not yet acquired the technology or expertise required to unravel the complexity much less leverage data to its full potential.
Today, in an effort to realize real world benefits (value from big data) semi-structured data such as social profiles and Twitter feeds join unstructured data like images and PDFs to add intelligence to an organization’s structured data from its traditional databases. To further exacerbate the complexity of the situation, big data is generated at high velocity and collected at frequent intervals, making the volume of the new data types nearly unmanageable.
Additionally, businesses need to unlock existing data from silos and gain a holistic view of all the new information so that they can make unique associations and ask important questions about customers and products. They need a technology solution that integrates their data stores, identifies behavior patterns, and draws meaningful associations and inferences. It’s important to understand that the value of big data will go beyond sophisticated reporting. It will advance from historical insight to being highly predictive, enabling managers to make the best decisions possible.
Teradata has created an advanced solution which deals with all the complexities and hurdles. It seamlessly integrates the variety, volume and velocity of the data in an integrated or unified data architecture. It bridges the hurdles found with difficult programming languages, extreme processing needs and customized data storage. Put simply, it provides a high-performance big data analytics system easily appreciated by both IT professionals and real-world business users.
Because Teradata’s Unified Data ArchitectureTM lets business users ingest and process data, it makes it faster to discover insights and act upon them.
With the majority of organizations just beginning to get their feet wet, there is still sizeable competitive advantage to be gained from unlocking insights from the almost limitless cache of data. Real world experiences reveal real world advantages:
Average Fortune 1000 companies can increase annual net income by $65.67 Million with an increase of just 10 percent in data accessibility2
- Top retailers have increased operating margins by 60 percent through monitoring customers’ in-store movements and combining that data with transaction records to determine optimal product placement, product mix and pricing3
- The U.S. healthcare industry stands to add $300 billion in revenues by leveraging big data4
- Financial institutions are reducing customer churn by using data analytics to evaluate consumer and criminal behavior.
A solution like Teradata’s Unified Data Architecture – where users can ask any question at any time to unlock new and valuable business insights – is a painless catalyst to discovering new competitive advantages and profit. Every organization desires higher productivity, lower costs, and an expanded horizon of new opportunities. It’s a big advantage to be able open up discovery to users across the enterprise, not only the IT elite.
Learn more about Teradata’s Unified Data Architecture.
1. http://www.idgenterprise.com/press/big-data-initiatives-high-priority-for-enterprises-but-majority-will-face- implementation-challenges