How 2014 will be the year to monetize Big Data

Ask anyone in business if they’ve heard of big data, and by now, the answer is probably yes, Entrepreneur reports.

For the majority of 2013, big data dominated the media discussion as businesses big and small sought to make sense of what exactly it is, and more importantly, what they should do about it. The three biggest challenges associated with big data investments include determining how to get value from data, defining the big data strategy and obtaining the skills and capabilities needed to make sense of it in a meaningful way.

It’s my view that we are on the cusp of the second wave of the big data revolution. If the first chapter was about investing in the technology to harness the insight and analysis from data, the second is about using big data to quickly get to revenue.

So as we get ready to ring in the New Year, here is what you need to know about big data for 2014.

How fast big data will generate revenue is the new metric. One of the biggest challenges with big data investments is pinpointing exactly how business leaders should be measuring return on investment, and more importantly, over what period of time.

While a recent survey by IDG Research and Kapow Software shows the vast majority of business leaders think big data will help make more informed business decisions, they also identify the time and cost associated with seeing ROI, noting that it’s difficult to extract insight from big data investments without hiring costly consultants.