"We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run," said Roy Amara, former president of the California-based Institute for the Future. How right he was. Think about the old days of the World Wide Web. During the 1990s it was widely believed that the Internet would revolutionize our economy suddenly. And related technological advance was expected to boost profits in the near future. This "irrational exuberance" (Alan Greenspan) then led to the dot-com bubble at the turn of the century. Meanwhile, the Web has changed business dramatically and those Internet-based corporations that managed to survive the turmoil began to see profits or even rose to become industry-dominating enterprises.
The entire story is what Gartner calls a hype cycle. The consulting company has been characterizing what typically happens to new technologies since 1995. And as I recently mentioned, the phenomenon of big data – according to Gartner's Report for 2012 – is about to reach its top of the hype-graph. If that turned out to be true, big date would soon slip towards the trough of disillusionment. Bang! You wouldn't hear much about big data technologies for a while. They would only slowly recover and would finally level at a normal stage, embedded within many other established technologies.
Newsflash! A recent report published by the Business Application Research Center (BARC) in Würzburg, Germany, shows you big date is already transforming companies. The Big Data survey was conducted in major European software markets and answered by 274 decision makers in IT and other departments. The answers show that – beyond all the talk about it – big date has become a reality within European companies, helping managers to gain deep insights into markets and customer needs.
While 14 percent of the companies have already developed a detailed big data strategy, 75 percent are aware of the new possibilities arising from big data technologies. However, most companies still face serious challenges in monetizing big date. Lack of expertise is one of the main obstacles, but you can clearly see the trend: Big date has long since moved into the slope of enlightenment. We are there to help a broad range of users benefit from big data technologies. And I feel we are getting very close to the final stage.
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