There has been a massive explosion in data volume in recent years and the concept of ‘big data’ is now firmly established on the IT agenda. In fact, Market research firm IDC has forecast that the big data technology market is expected to grow from $3.2 billion in 2010 to $16.9 billion in 2015.
But why is the issue of data volume and more specifically ‘big data’ continuing to dominate the financial and professional services landscape? Well, simply put, it’s because with more data, comes more opportunities for organisations to stay competitive, particularly during these challenging economic times. The benefits that can be obtained by companies that can successfully handle, integrate and analyse this influx in data are significant and with the heavy cost and regulatory strains facing the industry, this becomes key.
So, in order stay one step ahead of the game, industry professionals must learn how best to leverage big data, and quickly. Financial and professional services organisations must undertake a complete IT refresh and ensure that the network in place is best placed to support their requirements, in a cost effective and reliable way.