The growth of Big Data and Big Data Solutions has brought the concept of ‘information as a strategic asset’ to a whole new level. Organizations now not only compete on the preciseness of their data, but also on their ability to process large quantities (volume), at great speed (velocity), and from disparate data sources.
Having new information quicker than competitors provides a small window of opportunity to act before the competition dives in as well. In a recent survey from IDG, 78% of enterprises agree that data strategy, collection & analysis of Big Data has the potential to fundamentally change the way their company does business over the next 1 to 3 years.
Figure 1: Big Data provides organizations with a competitive advantage