Survey: Decisions are now data-centric
A recent report by the Economist Intelligence Unit found that big data analytics has had a profound effect on companies' decision making processes. With the possibility of taking information from unstructured data instead of relying on managers' hunches, 54 percent of companies reported that they now place less stock in management choices based only on intuition.
Companies reacting to the influx of data have proven eager to engage with it in real time. Among survey respondents, 85 percent stated that the volume of data they now handle is not the primary challenge they face. Instead, the ability to leverage and act on data in real time is the top concern. Executives want to make sure that their processes are fast, letting them act on data while it is still highly relevant.
Businesses, according to the report, now define themselves by the data they use. More than half of respondents, 66 percent, told researchers they consider themselves "data driven." There was also interest in expanding data's role, with 58 percent planning on increased big data spending in the next three years.
One type of business intelligence is no longer enough to support all of companies' business decisions, according to a tech industry insider John Crupi, writing for ZDNet. He stated that companies will start picking BI solutions based on the problem at hand, adapting to new situations on the fly.