When reading about data management and analysis, I came across an article on InformationWeek by Shanker Ramamurthy. Speed To Insight: Key To Big Data Success addressed to concerns of investing in big data regarding the return on investment and the amount of time until organizations can see an impact. All organizations should be supported by data analytic in some way. There’s no doubt that data analytics can hold positive influences on the way organizations function; but, how long does it take for organizations investing in data to reap the benefits? According to the annual IBM Institute for Business Value study, “among the 1,000 executives surveyed from nearly 70 countries, 63% say they’ve seen a positive return on analytic investments within one year.” Depending on the data driven project, investments could present significant results within months. This article and business study does a great job of identifying the critical business tool data analytic can be for organizational strategies.
Human resources, for example, could develop unique algorithms to identify undercompensated or overcompensated employees; marketing executives could follow sales and demographic data to precisely target expansion regions; and so on. When data analytics becomes ubiquitous, business results improve.