In a May 2011 special research report, Big data: The next frontier for innovation, competition, and productivity, the management consulting firm McKinsey put forth the case that”Substantial data will become a key basis of competition, underpinning new waves of expansion growth, innovation, and consumer surplus.” Leaders in each sector will need to grapple with the implications of large data, not just a couple of data-oriented managers. The increasing quantity and detail of data captured by enterprises, the growth of multimedia, social networking, and the Internet of Things will fuel exponential growth in data for the foreseeable future.”
General usage of the expression”Big Data” can be traced to the McKinsey report and reports from IBM that ensued around this time. The McKinsey report has been prescient in its observations that”Leaders in every sector will need to grapple with the implications of big data, not merely a couple of data-oriented managers.” In retrospect, this was an important insight. From this point forward, curiosity about data would no more be limited to the purview of”several data-oriented supervisors,” but rather would eventually become the purview of”leaders in each industry.” The report included one significant caveat, however, noting that these improvements were predicated”provided that the right coverages and enablers are in place.”
Also read: What Is Big Data?
T The advent of Big Data was met by an enthusiastic embrace by the partnership capital and investment communities as well. Accel’s Ping Li noted, “that this Big Data wave will usher in a new age of multi-billion software companies which solve existing issues differently or new issues formerly unthinkable.” Accel also announced the launching of a Big Data conference to”network and drive the deeper conversation on tech trends in the space.” Back in June 2013, Accel launched a 2nd $100M finance, with Accel Partner Jake Flomenberg commenting, “Within the past couple of decades, we have focused a tremendous quantity of attention on what people prefer to call the three Vs’ of large data: variety, volume, and speed. We believe there’s a fourth V, which will be end-user value, and that has not been addressed to an identical extent.” Accel’s Ping Li added, “We are seeing an accelerated rate of innovation in large data, with the newest generation of entrepreneurs re-imagining approaches to extract the maximum value from big data and fundamentally alter how we operate and process information.”
2021 will signify a decade since Big Data came into prominence, and based on industry findings, the promise remains largely unfulfilled.
The on the ground reality for most organizations has been that the adoption of Big Data initiatives and the establishment of Big Data practices hasn’t occurred overnight. In training, the data-driven transformation was shown for a journey that evolves over several decades, perhaps not without missteps and failures with time, also is a procedure that’s complex and requires an alignment of business, engineering, and organizational perspectives and practices. Running as a data-driven business demands an organizational shift in mindset, thinking, and strategy.
Looking back over the course of recent years, the expression”Big Data” was originally embraced as heralding a revolution in how organizations would leverage vast amounts of data, extracted and successfully incorporated from a frenzy of existing and emerging data resources (“the 3 V’s”), fueled by greater computing power than had ever been available, to enable a succession of recently data-driven firms to compete on analytics and data to achieve business dominance. Today, we have more information than ever, higher computing power than ever, and another generation of data management, cataloging data extraction, analysis, and reporting programs and technologies. Yet, the connection of data investments to company insights and successful business outcomes remains an elusive ambition for many.
Where the Big Data moment did succeed nevertheless was in raising the consciousness of the huge transformational energy of data–that which McKinsey foresaw as the elevation of information awareness from”a few data-oriented supervisors” into”leaders in each industry.”
Looking forward to where we have come from to where we stand now, there are lots of reasons to observe the data accomplishments of yesteryear. The glass is indeed half full. Data literacy has grown. If being data stays an elusive aspiration for most organizations, firms are at a minimum, inching nearer to this result. Public and company awareness of the ability of data has improved. We’ve grown more data-conscious in large measure as a result of the aspirational guarantee of Big Data along with the powerful mental image this concept and duration captured and conveyed. In this sense, the Big Data motion created the foundation upon which the evolutionary data-driven company and technology transformations that are occurring around us today exist.
In a consequential moment in our history, when the veracity and integrity of information, analytics, and science are being called into question by those who denigrate and attack knowledge and expertise, it is very important to recognize the donations of this Big Data movement, to admit the value of data, and appreciate the leaders, leaders, supervisors, and analysts that persevere daily to earn data accessible, insightful and useable.