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Businesses are relying on Big Data to gain a competitive advantage and data analysis has become a corporate priority. Among the Fortune 1000 firms surveyed by New Vantage, 62.5% reported having Big Data initiatives in production or operationalized across the enterprise. While only 5.4% of firms reported Big Data investments in excess of $50 million in 2014. The number of firms that project investments in Big Data of greater than $50 million leaps to 26.8% by 2017, a steep and rapid increase.
"Business leaders are taking a more active role in information and analytics projects as awareness of the value of data-driven decision making grows," says Nick Heudecker, Research Director at Gartner. He also added that businesses typically have multiple goals for big data initiatives, such as enhancing the customer experience, streamlining existing processes, achieving more targeted marketing and reducing costs.