Big Data: Now A Top Management Issue Posted on : Dec 01 - 2015

A new study by the Economist Intelligence Unit has just been released that shows how big data is moving from its infancy to “data adolescence,” in which companies are increasingly meeting the challenges of a data-driven world.

The report, called “Big Data Evolution,” details the ways in which companies’ attitudes and activities have changed over the past four years with regards to big data — collecting it, storing it, analyzing it, and using it to make business decisions about strategy.

Data is becoming a corporate asset

The report shows that, since 2011, substantially more companies are treating their data as what it actually is: a strategic corporate asset. The initial excitement about the possibilities presented by big data is morphing into a more strategic approach, defining which data initiatives will have the biggest and most immediate impact.

I refer to this as asking the right questions. Companies are getting a bit savvier, and on the whole, are not asking for more data, but rather the right data to help solve specific problems and address certain issues.

Because of this greater understanding, executives are more likely to report they are making good, fact-based decisions about their data and their business.

In addition, data strategy has been elevated to the C-level, usually centralized with a CIO/CTO or a newly-appointed Chief Data Officer (CDO). Outside that position, executives across the board are more likely to be in charge of their departments’ particular data initiatives and instrumental in putting those resources to use.  View More