- Principal Analyst and Vice President of Hurwitz & Associates
, a boutique strategy consulting, market research and analyst ﬁrm that focuses on how technology solutions solve real world customer problems. Hurwitz research concentrates on disruptive technologies, such as Cloud, Big Data, Analytics, Social and Collaborative Business, Service Oriented Architecture and Web 2.0, Service Management, and Information Management.
Big data has been a buzz word for a couple of years already. How does this technology trend transform the business today?
Big data on its own does not have a tremendous value. I have seen many clients struggle and fail with big data projects. The reason for these struggles have been that the project was not tightly aligned with business challenges or opportunities – getting insights into your data is interesting, but when not tied to business objectives the value can be lost.
When Big Data is combined with data management, governance, and advanced analytics the business impact can be tremendous. I have seen companies unlock value insights from the data that they already have but are not analyzing. Take for instance a retailer – many have huge amounts of data on their products and customers however few are analyzing this to offer customized offers or anticipate the trends for next season. Some industries where we are seeing a huge impact on big data and analytics are in financial services, healthcare and oil and gas. The commonality between these industries is that small improvements based on data can lead to millions of dollars of revenue, massive savings or quite literally the lives of patients.