No doubt about it, Big Data is big business. It has certainly captured the imagination and wallets of business executives everywhere. In fact, Gartner estimates that Big Data drove $34 billion in worldwide IT spending last year.¹ With that kind of money being spent, it’s probably safe to say Big Data is a big deal.
That said, I’m sure you are familiar with all of the old adages about BIG versus LITTLE. You know the sayings… “Less is sometimes more,” “Good things come in small packages,” or even “A little bit goes a long way.” These time-tested sayings hold a lot of truth – even when it comes to data.
I have to admit, I find the current attraction to Big Data kind of amusing – here’s why. One of the most common red flags raised when I talk to industry professionals about our Enterprise Portfolio Management (EPM) solution is concern about the difficulty associated with gathering ALL that data. After all, data collection is hard and time-consuming. Most companies have a tough enough time figuring out where the data lives, much less how to gather it in a meaningful way. So why is Big Data so big? And is bigger always better when it comes to data that impacts your decision making processes?
Despite all the buzz around Big Data, it’s essential to understand that answering some of the business’ most important questions actually doesn’t require a lot of data. In fact, I would venture to say the answers to some of the most important questions only require “just enough data.” Using Troux’s EPM solutions “just enough data” can provide the insights needed to ensure the enterprise is correctly architected to maximize revenues, reduce costs and increase competitive agility. “Just enough data” can help business leaders better understand the cost of change, impact of change and benefit of change before significant investments are made.
Because we focus on “just enough data,” our clients get answers sooner and see results more quickly. Simply stated, “just enough data” can yield just as much benefit when compared to what companies seek to achieve with Big Data.
Don’t get me wrong. There is a time and a place for everything, and it is hard to ignore the virtues and promise of the untapped insights that Big Data is positioned to deliver. But in the midst of all the Big Data hype and hoopla, let’s make sure we remember, big things can be done with “just enough data” as well.