IT GovernanceRisk Management

How Big Data Can Reduce Big Risk

If CIO’s and CFOs had the ability to foresee the likelihood of having projects fail or of bad governance, they would be capable of circumventing these speed bumps.   According to this article, some companies have already used these “Big Data” analytics to forecast and avoid many types of failures: Maybe they’re hungry for business as the economy picks (slightly) up, but vendors are trying more than ever to add predictive analytics to the discussion of project outcomes. Deloitte consultants use a proprietary prediction tool to help clients ferret out project weaknesses,  assessing 28 project characteristics against a database of 2,000 projects compiled by the Helmsman Institute, a project consulting company in Australia.  Consulting company Capers Jones, which specializes in software quality, offers a tool to assess project defects, called RiskMaster. The author proceeds to advise CIO’s to consider these tools before jumping into cloud computing, where risks are often equal to the rewards.   Scott Wallace, a director at Deloitte, states that the analytics may produce some nice charts highlighting trouble spots, but people must still be able to interpret these charts in order to devise a fix.

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