By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: ROI for Big Data and Analytics
Share
Notification Show More
Latest News
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence
How Big Data Is Transforming the Maritime Industry
How Big Data Is Transforming the Maritime Industry
Big Data
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Data Management > Best Practices > ROI for Big Data and Analytics
AnalyticsBest PracticesBig DataBusiness IntelligenceCulture/LeadershipData ManagementMarketingPolicy and Governance

ROI for Big Data and Analytics

BrunoAziza
Last updated: 2013/05/09 at 10:40 PM
BrunoAziza
4 Min Read
ROI and Data analytics
SHARE

I had the honor to be on The Interop Conference Big Data Panel in Las Vegas yesterday.  The panel was composed of friends from Cloudera, Datameer, Aryaka and it was part of an all-day workshop led by Big Data celebrity and evangelist Chris Taylor.  The focus of the discussion was “The Future of Data.”  The audience was composed of very savvy technical leaders from diverse industries from financial services to

I had the honor to be on The Interop Conference Big Data Panel in Las Vegas yesterday.  The panel was composed of friends from Cloudera, Datameer, Aryaka and it was part of an all-day workshop led by Big Data celebrity and evangelist Chris Taylor.  The focus of the discussion was “The Future of Data.”  The audience was composed of very savvy technical leaders from diverse industries from financial services to retail to universities. 

Debates like these can sometimes derail into sales pitches and friendly remarks.  This time, though, the discussion, brilliantly orchestrated by Matt Marshall, Founder and CEO of VentureBeat, turned into a very passionate exchange on the key themes challenging our industry.  We got so excited that Matt and Chris let us go over time to engage with the audience.

By the time we were done, I realized we hadn’t touched on a key theme Matt was interested in: Big Data and ROI.  Many of you will be asked to justify the investment you’re making in Big Data Analytics technology.  ROI is key term you’ll hear.  It stands for “Return On Investment”. 

More Read

predictive analytics and POS use

Predictive Analytics Is Lifting The ROI Of POS Marketing

How Real-Time Analytics Can Help Assess ROI Of Toll-Free Call Support
Measuring Social Media ROI: Leveraging Data To Boost Results
AI Is Empowering Everyone to Become Their Own Branding Expert
How Can I Prove Content Marketing Generates ROI?

Sure, there are many ways to justify technology investments and firms like Gartner and Forrester have built such models. 

ROI and Data analyticsI’ll tell you this though.  Companies that are trying to look at Data Analytics as a tactical budget item are in trouble.  Think about it this way: do you have to justify the return on investment of your financial department?  Probably not.  Why?  Because you need it to better run your business, safeguard yourself from exposure and spot opportunities before it’s too late – in short, to run your business better.    

The same goes of Big Data and Analytics.  Data Analytics will have immediate and long term return on investment on your culture, your processes and your bottom line.  Now, you do want to use the most appropriate technology so you can avoid burning money on the wrong things…but that’s a different question.  We happen to believe we have the most effective option for Terabyte-range Data Analytics problems.

If you are still running into ROI discussion issues – try this tactic: figure out the cost of a “wrong decision”.  Meaning – what happens when your company, your executive team and/or your front-line employees execute the wrong moves because they didn’t have the right insights? 

A customer of ours recently evaluated that the wrong “first move” could cost $50,000 in straight cost or lost opportunity.  And that’s the first move.  Unfortunately, “wrong first moves” rarely happen in isolation and the bill can quickly increase in an uncontrollable manner.  How is that for an ROI?

(image: Future of Big Data / shutterstock)

TAGGED: roi
BrunoAziza May 9, 2013
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

predictive analytics and POS use
ExclusivePredictive Analytics

Predictive Analytics Is Lifting The ROI Of POS Marketing

6 Min Read
call center support
AnalyticsExclusivePredictive Analytics

How Real-Time Analytics Can Help Assess ROI Of Toll-Free Call Support

8 Min Read
leveraging social data for ROI
AnalyticsBig DataExclusiveSocial DataSocial mediaSocial Media Analytics

Measuring Social Media ROI: Leveraging Data To Boost Results

19 Min Read
artificial intelligence AI disrupting marketing and branding
Artificial IntelligenceBusiness IntelligenceExclusive

AI Is Empowering Everyone to Become Their Own Branding Expert

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots
AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?