CIOs are always trying to make better use of business intelligence and analytics tools to analyze big data to streamline operations, drive revenue and gain marketplace advantages. The advances in these tools are progressing rapidly and the shear volume of data to analyze is increasing exponentially but the methods have not evolved much over the last decade. This is why so many companies are innovating today in the Big Data space. To get an idea of how important Big Data initiatives are to organizations we take a look at some current research.
Here are some highlights:
The organization BCG surveyed nearly 10,000 consumers in 20 countries and discovered the following:
For 75% of consumers in most countries, the privacy of personal data remains a top issue
Millennials are no less private online than other generations
Consumers are willing to allow the use of personal data for multiple purposes if, and only if, organizations are careful stewards of this information.
IBM surveyed 900 business and IT executives from 70 countries. IBM discovered the leaders :
Are 166% more likely to make most decisions based on data
Are 2.2 times more likely to have a formal career path for analytics
Cite growth as the key source of value from analytics (75%)
Measure the impact of analytics investments (80%)
Have some form of shared analytics resources (85%).
In reviewing the operations of 400 large companies, Bain found that those with the most advanced analytics capabilities are outperforming competitors by wide margins. As a result, the leaders are:
Twice as likely to be in the top quartile of financial performance within their industries
Five times as likely to make decisions much faster than market peers
Three times as likely to execute decisions as intended
Twice as likely to use data very frequently when making decisions.
Only 4% of the companies surveyed, however, attributed better decision making and financial performance to the use of big data analytics. Only 23% of companies Bain talked to said they have a clear strategy for effectively using analytics and only 19% said they had access to high quality and consistent data.
TEKsystems surveyed more than 2,000 IT professionals and more than 1,500 IT leaders on the topic of big data:
90% of IT leaders and 84% of IT professionals believe investments of time, money and resources into big data initiatives are worthwhile
Only 14% of IT leaders report big data concepts are regularly applied in their organizations
66% of IT leaders and 53% of IT professionals say their data is stored in disparate systems
60% of IT leaders say their organizations lack accountability for data quality
More than 50% of IT leaders question the validity of their data
81% of IT leaders claim their organization lacks the specialized staff needed to plan, build and run big data initiatives.
Gartner surveyed 720 Gartner Research Circle members worldwide to find out about their big data investment plans:
64% of organizations are investing or planning to invest in big data technology compared with 58% in 2012
Less than 8% of survey respondents have actually deployed.
Tech Pro Research surveyed 144 respondents worldwide about budgeting for big data, benefits and employee staffing:
8% have already implemented big data, 12% are in the midst of implementation, and 26% are planning to implement it. 54% have no interest or plans to implement big data.
Of those who have implemented big data, 82% report seeing at least some payoff in terms of goals achieved. Only 4% say they’ve experienced no identifiable value.
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