The time, devotion and dedication that buy-side financial institutions have put into investing in Big Data initiatives finally appears to be paying off.
In a recent survey performed by management consultancy firm NewVantage Partners, nearly all of the C-level executives that responded – 96 percent – said they had a Big Data program underway or one that was about to be launched, according to the Wall Street Journal. Additionally, 80 percent said that they had already completed one.
Specifically, Big Data processes are helping business organizations be more efficient with their time management. The newspaper noted that financial firms are more frequently reporting that the time it’s taking them to come to a decision on something – or produce a particular good or service – has decreased dramatically since implementing their Big Data initiatives. This may be the result of improved data governance strategies.
As noted by MIT Technology Review, there isn’t any one specific definition of Big Data. For example, the National Institute of Standards and Technology defines it as information that “exceeds the capacity or capability of current or conventional methods and systems.” Meanwhile, Microsoft describes it as “the process of applying serious computing power … to seriously massive and often highly complex sets of information.”
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