It is no longer a hypothesis. The exponential growth in digital information has brought forth new verticals and businesses—and analytics is a key segment that sprung up in the boom. Research firm IDC projects that the digital universe will reach 40 zettabytes (ZB) by 2020. According to analysts, data volume has grown over 900% in the past five years and is expected to grow at 40% year-on-year till 2020. Today, businesses are capturing trillions of bytes of data about their customers, suppliers and operations. Data is entering the system at a rate that follows Moore’s Law, doubling every two years.
The fear of not being able to achieve proper return on investment (RoI) is another dampener for many firms. “Though many CIOs plan to invest in BI going forward, most of them fear BI failure. Hence true RoI is a problem as far as BI projects are concerned. Companies make large investments during the initial stages of the project. However, the back-office analysts do not have the capabilities to use those investments. Hence, it is better to have a step-by-step approach with the right analyst, appropriate talent and suitable tools to avoid BI project failures,” explains Sanchit Vir Gogia, Chief Analyst, Founder & CEO, Greyhound Research.
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