November 8, 2010 – While packed with challenges, big data is ripe with business and financial opportunities, according to a survey of hundreds of businesses and data vendors from data management provider Aster Data.
The vendor-sponsored survey compiled answers from the more than 800 attendees of various Aster Data conferences during the past year.
Nearly 30 percent of respondents pointed to exploratory analysis of large data pools as the source of the “next big business insight,” according to the Aster Data survey. Where money could be made in big data led to a smattering of thoughts, like behavioral targeting and advertising (16 percent) and social networking analysis (15 percent). Turning that increasing amount of data into a new source of revenue was the key toward further exploration and investment, according to 15 percent of vendors and businesses surveyed.
Of course, those surveyed stated that harnessing big data creates challenges. Twenty percent stated that the slow speed of complex query processing was their main obstacle, and 30 percent of respondents agreed that system scalability was the second largest problem.
Financial service institutions that responded to the survey found particular top obstacles in nailing down benefits from big data, such as fraud reduction (10 percent) and risk profiling (10 percent).
Sharmila Mulligan, executive vice president of worldwide marketing for Aster Data, said the survey results point to an “undeniable explosion” of data volumes.
“In addition, the depth of analytics organizations require to gain deeper insights into their business has been rapidly growing. This need for deep analytical processing that when done right, present new opportunities for businesses is also where most stumble,” Mulligan said.
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