Worldwide investment in BI is expected to achieve a 7.7 percent compound annual growth rate from 2012 to 2017, reaching $19 billion by the end of that time period. While traditional BI tools – such as those that help companies reduce costs – are expected to remain a major source of investment, the innovative capabilities of big data and analytics solutions are driving this newfound interest.
"A common way to look at big data is to evaluate it across four dimensions: volume, velocity, variety and complexity," said Russell Anderson, vice president of product management at Clinithink, according to HIT Consultant Media. "It's easy to get stuck and overwhelmed by the volume, but it's critical to recognize the importance of recognizing the value that lay within all that data."
Business intelligence applications have always been tremendously valuable, but they were limited in terms of how they could affect companies. For the most part, IT departments were the ones benefiting from this technology.
Big data analytics, on the other hand, has the potential to assist professionals in almost every industry. In addition, when used in conjunction with self-service BI tools, these reports have the ability to be analyzed by employees at each level of an organization.
Here are three industries that big data is having an enormous impact on:
1. Marketers: At times, it almost seems as though big data was invented just to make marketers' lives easier. In a recent column for Business Insider, Digital Tonto's Greg Satell highlighted the ways big data analytics are transforming the marketing industry.
The most iscussed reason is the technology's ability to break down many different attributes about consumers – their gender, their general ages, what their interests on, when they shop, which devices they use and more. This enables marketers to cater their strategies to meet their customers' needs.
2. Healthcare: Right now is a trying time for healthcare decision-makers. Mainly, they're having trouble implementing new technologies while staying within budget.
According to HIT Consultant Media, big data will help these organization achieve this goal by reducing operating costs. In addition, the technology will assist healthcare professionals when it comes to delivering top-notch patient care, especially because of its diagnostic and research benefits.
3. Cybersecurity: Safeguarding corporate information, applications and the network has become an enormous challenge in the digital age – but one that big data appears ready to take on.
So far, many companies have found big data to be extremely useful when it comes to developing fraud detection and prevention measures.