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CFOs Take Note: Big Data on the March

Are your competitors using Big Data? The Wall Street Journal reports that a recent Forrester Research indicates increasing adoption of Big Data technologies. The study of 634 companies revealed that forty four percent have implemented, expanded, or plan to implement Big Data technologies. And while an additional thirty one percent are interested, they have no deployment plans as of yet.

Forrester also found that while adoption of Big Data technologies is strongest in marketing and operations, finance has been a laggard at many organizations. Notable exceptions include Chevron, which uses Big Data technologies to reduce time spent on auditing by fifteen percent, and IBM, who uses advanced analytics to measure the financial risks of expanding into new markets. Citing these examples, Forrester suggests that organizations that do not plan to adopt Big Data technologies in finance run a strong risk of being at a competitive disadvantage.

The strongest contributions from Big Data are in the areas of anticipating customer and supplier demand, forecasting of sales and profits under multiple scenarios, fraud detection, and massively reducing the time to the books each quarter.

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