$114 billion. That’s how much global organizations will spend on big data in 2018, an increase of more than 300 percent in just five years. But how much of that is money well spent?
Sourced through Scoop.it from: venturebeat.com
Despite big data’s promising benefits, few organizations have begun the essential steps to prepare for the adoption of new capabilities and data platforms. An industry survey of global companies found that only 35 percent have “robust processes for data capture, curation, validation, and retention.” Equally troubling, 67 percent “do not have well-defined criteria in place to measure the success of their big data initiatives.” Instead, big data solutions are integrated reactively, department by department, or not at all. The amount of available data in the world will have exploded to 44 zettabytes by 2020 — 10 times what it was in 2013, according to a 2014 IDC report. Companies that fail to prepare for this next generation of massive data volume and insights run the risk of incurring operational and technical debt. In an example of corporate natural selection at work, those that fall behind are doomed to wither away. Here’s what they can expect as this big data time bomb goes off.
Catastrophic loss of transparency. Few IT professionals have experience managing big data platforms at scale — a situation that has created a massive skills shortage in the industry. By 2018, U.S. companies will be short 1.5 million managers able to make data-based decisions. A recent McKinsey Quarterly report estimates that, in order to close this gap, companies would need to spend 50 percent of their data and analytics budget on training frontline managers; it also notes that few companies realize this need. As data needs broaden, managers without a firm understanding of information management and best-practices in data extensibility will encounter major challenges with managing data-driven systems.