The Cloud-Based Approach to Achieving Business Value From Big Data
451 Research defines big data as the realization of new business intelligence insights driven by the fact that it is now more economically feasible to store and process data that was previously ignored due to the cost and functional limitations of traditional data management technologies.
Ongoing developments in cloud computing are rapidly moving the promise of deriving business value from big data into reality. With billions of devices globally already streaming data, forward-leaning companies have begun leveraging the cloud to harvest big benefits from this data storm.
These benefits include faster time to market of products and services; lower total cost of ownership (TCO) and reduced management overhead costs compared to on-premises infrastructure; and more agile application development. 451 Research conducted in-depth interviews with six organizations to examine their cloud-based adoption efforts and the various tools and services they use. These interviews unearthed several important factors that can be useful to other organizations seeking to generate actionable business insights.
Benefits of 451 Research in-depth analysis
- A broad array of organizations can realize the benefits of big data. Also, in this report alone, the enterprises interviewed represent a
variety of industries: a mobile technology analytics platform provider; a mobile application platform provider; a financial services
regulator; a technology consultancy; a marketing strategy firm; and a mainstream financial services firm.
- Underpinning all these early successful efforts to gain business value from big data is the ability to capture, store and process
cloud data far less expensively than could ever be done in on-premises environments. This has allowed users to take advantage of
advanced analytics techniques, especially the ability to analyze unstructured data to exploit the companies’ stored information.
- Remarkably, after relatively brief forays into cloud-based utilization of big data, some organizations find that this move is not just
incremental to the business, but rather, it becomes the heart of the business.
- Benefits of cloud-based big data are often measureable. Consequently, in one organization, data queries to the cloud showed an impressive 400-fold improvement over on-premises-based queries. Another company witnessed the time to execute a business-critical risk threat analysis drop from 6-9 months to a week or less – a 98% improvement over on-premises systems.
Hence, this report provides an overview of the available offerings and adoption trends, driven by a customer perspective generated from direct interaction with enterprise stakeholders and decision-makers.
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