Widespread misunderstanding and confusion about Big Data is rife, with experts warning that the enterprise needs to focus less on the “Big” and the “Data” and more on insight.
Delegates at the Big Data Summit 2012, hosted by Computing in London, heard how Big Data is poised to reshape the way businesses compete and the way public services are delivered as well as redefine the role of the CIO.
But Richard Hammell, lead partner at Deloitte Analytics UK, warned that unless organisations take the radical step of implementing the strategic and cultural changes necessary, they will fail to reap the benefits.
“It’s not about getting more data – Big Data will change operating models and create new businesses. The vast majority of literature is about 'How big?', and 'Should we incorporate social media?' That’s all very interesting, but it’s missing the point. The point is insight and what value a business can get from taking an insight-driven approach to data.”
• A Centre for Economics and Business Research (CEBR) study published in April forecast that Big Data will contribute 2.3 per cent of UK GDP over the next five years.
By eliminating high entry costs for big data analysis, you can convert more raw data into valuable business insight.
A discussion of the "risk perception gap", its implications and how it can be closed