The beauty of information technology lies in its gradual evolution patterns, from client server technology to mainframes and today we talk about Cloud computing and Big Data. At various interval of time, IT has always provided answers to some of the critical business problems. To be very specific about master data management, the evolution was based on various factors like growing online transactional processes, expanding enterprise data; need to translate business data into actionable insights and data conversion for decision making. At various stages, master data management has always been a tactical step for enterprises to make decisions based on accurate data.
We have slowly entered an age of Big Data, the buzz word that never stop buzzing around the technology circles globally. Are companies geared up to adopt Big Data? Are developed markets more responsive to Big Data? When will Indian companies unlock the Big Data potential?
The factual numbers go like this; over 92% of global CIOs have not taken their big data initiatives beyond the planning stage, according to Gartner reports. While 64% of the 720 organizations surveyed globally have big data investment plans, less than 8% have actually deployed big data technologies. “Another” 20% are piloting and experimenting: 18% are developing a strategy, and 19% are knowledge gathering. Media and communications companies are the most active investors in big data technology globally, with 39% having already invested in big data. Some 34% of banks and 32% of services firms have also already invested.
CIO’s from developed markets like US have already started adopting and harvesting business benefits of Big Data. The percentage of CIO’s from the planning stage to the implementation stage is ever increasing. Big data is at a nascent stage in India, and in the coming days they need to break the shackles to leverage the business opportunities, this will be a reality when CIO’s start realizing the importance of information.