No doubt about it, Big Data is big business. It\u00a0has 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.\u00b9 With that kind of money being spent, it\u2019s probably safe to say Big Data is a big deal.<\/p>\n
That said, I\u2019m sure you are familiar with all of the old adages about BIG versus LITTLE. You know the sayings\u2026 \u201cLess is sometimes more,\u201d \u201cGood things come in small packages,\u201d or even \u201cA little bit goes a long way.\u201d These time-tested sayings hold a lot of truth \u2013 even when it comes to data.<\/p>\n
I have to admit, I find the current attraction to Big Data kind of amusing \u2013 here\u2019s 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?<\/p>\n
Despite all the buzz around Big Data, it\u2019s essential to understand that answering some of the business\u2019 most important questions actually doesn\u2019t require a lot of data. In fact, I would venture to say the answers to some of the most important questions only require \u201cjust enough data.\u201d Using Troux\u2019s EPM solutions \u201cjust enough data\u201d can provide the insights needed to ensure the enterprise is correctly architected to maximize revenues, reduce costs and increase competitive agility. \u201cJust enough data\u201d can help business leaders better understand the cost of change, impact of change and benefit of change before significant investments are made.<\/p>\n
Because we focus on \u201cjust enough data,\u201d our clients get answers sooner and see results more quickly. Simply stated, \u201cjust enough data\u201d can yield just as much benefit when compared to what companies seek to achieve with Big Data.<\/p>\n
Don\u2019t 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\u2019s make sure we remember, big things can be done with \u201cjust enough data\u201d as well.<\/p>\n