Saturday, November 1, 2014

Somewhere, Something Incredible is Waiting to be Known [1]

See the book site for "High-Performance Data Mining and Big Data Analytics: The Story of Insight from Big Data" ( )

It is projected that growth in global data generated per year is 40%, versus a 5% growth in global IT spending (McKinsey Global Institute 2011). From a cost perspective, this divergence clearly shows why big data technology solutions must be cost-effective today in order to stay within existing IT budgets and forecasts.

However, the real value of any technology is ultimately defined by its business ROI and not its cost. This is particularly true for classic organizations that are exploring new big data technologies. From an economic and business standpoint, the potential value creation from big data opportunities has already been proven by numerous web companies. In many cases this value creation has been disruptive.

Borrowing from Carl Sagan quote above, the curiosity to find something incredible that in this case is also of potentially high monetary value, is the driving force behind the acceptance of big data analytics in big classic organizations. As the cost of these technologies reduces and they become easier to employ, the required investment bet to get the potential ROI will be justified more easily. These organizations are not quite there yet but surely they are on the path to get there.

[1] Quoted from Carl Sagan.