McKinsey & Company’s report on Big Data puts it in sharp context:
“The ability to store, aggregate, and combine data and then use the results to perform deep analyses has become ever more accessible as trends such as Moore’s Law in computing, its equivalent in digital storage, and cloud computing continue to lower costs and other technology barriers. For less than $600, an individual can purchase a disk drive with the capacity to store all of the world’s music. The means to extract insight from data are also markedly improving as software available to apply increasingly sophisticated techniques combines with growing computing horsepower. Further, the ability to generate, communicate, share, and access data has been revolutionized by the increasing number of people, devices, and sensors that are now connected by digital networks.”Many data management solutions exist, and organizations should weigh their specific needs and budget requirements when selecting one. According to the report, several key technology groups deserve special consideration due to their strong correlation with the performance benefits of speed, satisfaction, and scale.
The study shows that organizations with the highest level of data integration were much more likely to adopt the following technologies than their peers:
- Business intelligence platforms
- Data quality tools
- Data enrichment tools
- Master data management systems
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