90% of the data in the world today has been created in the last two years alone! In this paper, we will study the impact of big data on businesses and the CFOs who manage them.
Big data can be broken down into the four V’s: volume, variety, velocity and veracity. Volume is the vast amount of information available whether through social media, news, databases, etc. Variety refers to the different types of structured and unstructured data organizations can collect. Velocity is an indication of how quickly the data can be made available for analysis. Veracity is an indication of data integrity and the ability for an organization to be able to confidently use it to make crucial business decisions.
Organizations are increasingly turning to big data to discover new ways to improve decision-making, opportunities and overall performance. Improving customer relationships (55%) and making the business more data focused (53%) are the top two business goals or objectives driving investments in data-driven initiatives today. 78% of enterprises agree that collection and analysis of big data have the potential to change fundamentally the way they do business over the next one to three years.
Big data and business analytics worldwide revenues will grow from nearly $189B in 2019 to more than $247B in 2022.
To learn more about trends and forces in big data today, download our white paper.