Big Data Makes Organizations Smarter, but Open Data Makes Them Richer

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Emerging data marketplaces are also places for organizations to open their data — potentially turning their "data into dollars." The challenge is to keep the barriers to entry low to enable participation by different types of business and streamlined processes for adding and vetting data sources. Monetizing data is a technological and operational challenge. If an enterprise's goal is to unlock its data's full revenue potential, it needs to be able to reach all possible data buyers efficiently.

"With tight budgets and continued economic uncertainty, organizations will need leaders who can craft breakthrough strategies that drive growth and innovation," said Mr. Newman. "As change agents, enterprise architects can help their organizations become richer through strategies such as open data."

Whereas "Big Data" will make organizations smarter, open data will be far more consequential for increasing revenue and business value in today's highly competitive environments, according to Gartner, Inc.

"Big Data is a topic of growing interest for many business and IT leaders, and there is little doubt that it creates business value by enabling organizations to uncover previously unseen patterns and develop sharper insights about their businesses and environments," said David Newman, research vice president at Gartner. "However, for clients seeking competitive advantage through direct interactions with customers, partners and suppliers, open data is the solution. For example, more government agencies are now opening their data to the public Web to improve transparency, and more commercial organizations are using open data to get closer to customers, share costs with partners and generate revenue by monetizing information assets."

 

Related Topics : Business Intelligence Vendors, Data Quality, Data Warehousing, Key Performance Indicators, Knowledge Management

 
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