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An exclusive survey that captures how Fortune 1000 organizations are responding to the Big Data challenge with both immediate and long-term initiatives was issued today by NewVantage Partners, the premier consultancy focused on creating strategic solutions that harness the power of Big Data. With first-hand perspectives from Fortune 1000 C-Suite executives and Federal government leaders, the Big Data Executive Survey provides a rare in-depth look at how some of the most prominent organizations, including American Express, Bank of America, CitiGroup, General Electric (GE), and the U.S. Department of Defense, are managing and funding Big Data initiatives as well as finding the right talent and organizational structure to support new data and analytics innovation.
“Big Data” is a term used to describe the massive amounts of data that, collected over time, becomes difficult to analyze and handle using common database management or analytical tools. With the explosion of social media, video, photos, and unstructured text as well as the data gathered by smart phones and other ubiquitous sensing devices, the average organization will grow their data by 50% this year alone according to Forrester Research. Overall corporate data will grow by a staggering 94 percent – further reinforcing the need for every organization to have a successful Big Data strategy in place by 2013.
For organizations seeking answers to their most pressing data management and analytics problems, the Big Data Executive Survey offers high-level observations and real-world examples of how large organizations are investing in Big Data to improve analytic capabilities and make smarter business decisions. Key findings include:
Thomas H. Davenport, Visiting Professor at Harvard Business School, and the author of the highly acclaimed Competing on Analytics: The New Science of Winning, cited by CIO Magazine as one of the all-time “Top 15 Most Groundbreaking Management Books”, recommends the report as necessary reading for business and technology executives.
“This sampling of Big Data activity is one of the few I have seen that focuses on large organizations. It’s very useful in suggesting immediate and longer-term actions for managing this valuable new resource,” said Davenport.
The survey posed 65 in-depth questions designed to provide a useful benchmark for organizations seeking to better understand the state of Big Data initiatives among peer institutions. These questions address issues including:
Over fifty executives from leading Fortune 1000 and large Federal agencies participated in the survey, including Chief Data Officers, Chief Information Officers, Chief Technology Officers, Chief Analytics Officers, Chief Information Architects, Line-of-Business Heads and senior Function Heads (SVP/VP). Over 30 percent of survey respondents were C-Suite executives.
“Based on our survey findings, we believe that most organizations seek more thoughtful strategies as well as the right talent and organizational structure to fulfill the promise and potential of Big Data,” said Paul Barth, co-founder and managing partner of NewVantage Partners. “Thus far, many of them are still working hard to develop the requisite skills, processes and systems to create coherent, productive data strategies – in their ongoing quest to uncover the right data that enables them to mitigate risk and make bold moves in the future.”
About NewVantage Partners
NewVantage Partners is the premier consultancy focused on guiding business and technology executives in the creation of strategic solutions that harness the power of their data.
NewVantage Partners brings a history of success to a field fraught with failure. The firm’s Fortune 1000 clients, frustrated by an inability to gain control over their data assets and leverage their latent value, work with NewVantage to mitigate risk and enable bold initiatives.
NewVantage Partners’ team of seasoned Fortune 1000 executives, industry thought-leaders and domain experts in data, analytics and business transformation, employs an integrated business and technology framework to identify and reduce barriers to adoption of critical strategies.
The company is based in Boston with operations in New York and San Francisco. For more information, please visit www.newvantage.com.