This has been a big year for big data and advanced analytics, with many companies looking to leverage their vast stores of information and gain greater intelligence and insight. Here are some of the interesting developments out of the big data/analytics market over the past year.
The prevalence of inaccurate data means organizations are struggling to meet strategic goals, according to a report issued by Experian Data Quality, a part of Experian Marketing Services and a provider of contact data management software and services.
The company’s State of Data Quality study showed that on average, U.S. organizations think a quarter of their data is inaccurate, which negatively impacts business intelligence, marketing and customer engagement efforts.
The study found that organizations are looking to better coordinate across the many channels they use, with 87% of organizations now engaging in cross-channel marketing.
Organizations are creating, accessing and using more sources and types of information than ever, and this trend—combined with the increasing need to understand how data is being used within an enterprise—is driving the need for chief data officers (CDOs), Gartner Inc. reported. The firm predicted that by 2015, 25% of large global organizations will have appointed CDOs. CIOs should view the CDO as a peer and partner who can manage data and who has the knowledge, background and skills to do so, according to the report.
Research from International Data Corp. (IDC) in a July report showed that unstructured content accounts for 90% of all digital information, and this content is locked in a variety of formats, locations and applications made up of separate repositories. When connected and used properly, this type of data can help companies increase revenue, reduce costs, respond to customer needs more quickly and accurately, or bring products to market faster, IDC says.
The convergence of the Internet of Things (IoT), cloud computing, big data and data analytics will open up new business opportunities for building technology, according to research from Frost & Sullivan released in September. These platforms are expected to become the pillars of smart building evolution in terms of technology, business value and customer satisfaction, the firm says.
The report, Big Data as an Enabler for Smart Buildings, found that urbanization, the connectivity and convergence of smart technologies, and communication between smart devices are the three big trends that will drive the development of the smart buildings industry.
Gartner in October reported that advanced analytics had become a top business priority, fueled by the need to make advanced analysis accessible to more users and broaden insights into the business. Advanced analytics is the fastest-growing segment of the business intelligence (BI) and analytics software market, and surpassed $1 billion in 2013, the firm said.
While advanced analytics have existed for over 20 years, big data has accelerated interest in the market and its position in the business, said Alexander Linden, research director at Gartner. Many business functions now have a legitimate interest in this capability to help foster better decision making and improved business outcomes, Linden said.
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