Big data is increasingly becoming a priority for some of the largest companies in the world as they look to increase their investment over the next three years.
A survey by New Vantage Partners, a data and analytics consulting firm, surveyed nearly 125 senior business and technology executives from 59 Fortune 1000 companies including Bank of America, JP Morgan and Fidelity Investments, as well as non-financial firms such as General Electric.
One key finding is that 67% of companies now have big data projects running in production, up from 32% last year.
Another 45% reported big data spending of greater than $10 million this year, and 74% estimated that their companies will spend that amount in 2017. In comparison, only a third of respondents in 2012 had big data investments of $1m or more.
The research also found that 82% said big data is already integrated into the mainstream of their organisations, while 12% said it is managed as a separate environment.
And 43% of executives said their organisation has created a chief data officer role, up from 19% in 2012, while 4% now report that no big data initiatives are underway.
Thomas H. Davenport, author of the report and a professor at Babson College who specialises in data and analytics, said: "Big Data has entered the mainstream, with two-thirds of the respondents running a production application.
"Spending is up, and is expected to increase dramatically. Surveyed executives are bullish on the importance of big data to their businesses. Only 3% feel that it’s the ‘same old stuff.’ Everything is sunny in the world of big data."
The research also found that 88% of executives agreed that a business-IT partnership is essential to the success of corporate big data projects, with 77% citing business leadership and sponsorship, and partnership and organisational alignment as being the most critical factors.
Randy Bean, CEO and founder of New Vantage Partners, added: "The majority of executive respondents characterise big data as highly important or mission-critical to their organisation, reflecting the value that organisations believe they can realise from big data initiatives.
"The term big data itself has become common enough to be used loosely, but the large corporate world takes its payoffs very seriously, as proven by this enormous jump in investment."
