Analytics Magazine Analytics Magazine, September/October 2014 | Page 39

Numerous opportunities, as well as challenges, are associated with big data. Time savings can be achieved through real-time monitoring and forecasting of events that impact either business performance or operation. Significant cost savings over traditional analytical techniques can be achieved by adoption of big data due to usage of Hadoop clusters. While companies with business models predicated on the Internet have been the pioneers of developing big data analytics, other firms with more established non-Internet-based models are also rapidly adopting big data analytics practices, typically in response to consumer and technology trends. With the emphatic big data explosion, it becomes imperative for organizations to assess and adopt big data analytics practices into their decision-making process. Big Data Tools and Technologies When considering an organization’s needs for big data tools and technologies, it Abstract Submission is Now Open! June 14 - June 17, 2015 Sheraton Montreal http://meetings2.informs.org/montreal2015 a na l y t i c s s e p t e m b e r / o c t o b e r 2 014 | 39