Big Data Already Bringing Big Gains To The Enterprise
It’s only now that businesses are increasingly realizing the benefits from their Big Data investments. Even sometime back, companies were struggling with structured data and with the deployment of a useful analytics framework based on CRM systems.
According to a study by New Vantage partners, a strong plurality of executives, 48.4 percent, report that their firms have realized measurable benefits as a result of Big Data initiatives. A remarkable 80 percent of executives characterize their Big Data investments as successful, with 21 percent of executives declaring Big Data to have been disruptive or transformational for their firm.
The study is based on its fifth survey and noted that “potentially disruptive forces must deliver on the promise of innovation and transformational results, or step aside for truly disruptive forces. Big Data is not going away however. The volume and sources of new data only continue to proliferate. Data is now more prevalent than ever. So the focus must shift to results, business value, and benefits.”
Reduction in expense is a major benefit of Big Data the survey stated. Nearly half of all executives said that they saw cost savings as a direct result of investment in big data.
Firms have a range of Big Data initiatives underway. Focus areas such as efforts to decrease expenses through operational cost efficiencies have proven to be successful (49.2 percent) for many firms. Efforts to establish a data-driven culture remain more aspirational at this stage, with only (27.9 percent) reporting success. Executives report that efforts to create new avenues for innovation and disruption have had the highest success rate – (64.5 percent) started, (44.3 percent) reporting results, (68.7 percent) success rate, it said.
However, the study mentioned that in spite of the measurable successes of Big Data initiatives, corporations continue to face some challenges to Big Data adoption, especially executives cite a range of cultural impediments to successful business adoption. Establishing a data-driven culture remains a challenge as well, believes researchers.
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