Information is one of the modern business world’s most important assets. Unfortunately, many organizations have trouble managing the massive volumes of data that digital technologies are producing, making business intelligence and enterprise analytic endeavors more complex than necessary. In many cases, the inability to properly manage data is taking a financial toll on companies around the globe.
A recent study of 2,000 financial and IT asset management professionals by the American Institute of CPAs and the Chartered Institute of Management Accountants found that roughly 86 percent of respondents are encountering challenges when trying to integrate disparate information resources, analyze those files and turn them into valuable insight. As a result, approximately one-third of respondents said they are are suffering revenue hits due to poor information evaluation and management processes.
“Business, finance and IT asset managers all need to work together to ensure they have the adequate skills and tools needed to effectively maintain all information assets over time,” said Brian Huber, director of professional services at Aptris. “Now that big data is in most corporate sights, collaboration will be critical to success.”
The survey echoed the importance of incorporating multiple teams together, especially financial decision-makers, as roughly 93 percent of respondents believe finance teams will play an essential role in the long-term development of big data projects.
Big data’s grand future
Companies are generally optimistic when considering the future of big data. According to the study, roughly 87 percent of respondents believe big data and advanced analytics will change the way businesses function in the coming years, allowing organizations to achieve higher performance levels, reduce unnecessary risk and even cut costs.
These expectations were highlighted in a separate Cisco study, which found that roughly 60 percent of companies believe big data will improve decision-making processes and provide organizations with a chance to acquire a competitive advantage. Furthermore, another 50 percent of enterprises expect big data initiatives to increase their IT budgets in 2013, enabling the ability to expand operations into new territories to further any advantages acquired through big data.
As big data continues to make headlines and gain traction in enterprise IT investments, decision-makers need to tackle management and analytic processes head on, as simply accumulating massive volumes of useless information will not necessarily result in any benefits. Rather than developing an ad-hoc initiative, executives should plan ahead and find the proper tools they need to get big data started off right.