Why Companies Use Big Data Analytics

Organizations use big data analytics for a variety of reasons. The following chart shows which ones are the most influential.

Heading the list are the three “V’s” of Big Data, which stand for volume (57 percent), variety (50 percent) and velocity (46 percent). Other important drivers include better or new data analysis capabilities (55 percent) as well as the desire to build forecasting models to increase the predictability and reduce the uncertainty of future events (51 percent).

This statistic, in particular, clearly shows that predictive analytics and forecasting are now seen as important components in implementing big data initiatives and extracting more value from data.

Another interesting point is that BI organizations are the main drivers behind this topic. For 66 percent of respondents from BI organizations, building predictive models is the most common motivation for adopting big data technologies. Analyzing large volumes of data (56 percent) is the most frequently cited challenge IT departments are seeking to address, while business departments, in contrast, are more interested in new analysis possibilities (61 percent).

Real-time data usage is an innovative topic that is clearly on the rise. 27 percent of respondents said they want to monitor and analyze streaming data, and an impressive 19 percent also plan to automate decision-making processes.