Big Data Needs A Big Makeover
A focus on improving customer experiences, business growth and gaining a competitive edge by companies is clearly fueling big data adoption. Big data is no wonder becoming a big thing globally but also in India, where enterprises are seeing a lot of potential. A recent study by CA Technologies however reveals that despite its huge potential, Indian organizations are struggling to overcome several challenges when it comes to big data project implementation.
The key challenges as cited by respondents in the study include: insufficient existing infrastructure (33 percent), organizational complexity (25 percent), security/compliance concerns (28 percent), lack of budget/resources (25 percent), and lack of visibility into information and processes (21 percent). A whopping 45 percent of respondents believe that the major challenge lies in the complexity which emerges due to the large scale implementation.
Two-thirds of the Indian respondents state that their Big Data tools do not provide them with sufficient data for them to make effective changes to their infrastructure. This brings to the conclusion that big data tools and strategies need a big makeover.
Despite the challenges, majority of Indian organizations have or are in the process of adopting big data strategies since the benefits clearly outweigh the challenges. Indian organizations have listed the following reasons for implementing Big Data strategy: improve customer experience (67 percent), need to enter new markets (52 percent) and need to get new customers (49 percent).
“There is a huge potential for Big Data technologies in India. This is a high growth economy and organizations depend on insights from raw data, to plan their future course. Our study indicates that organizations are increasingly investing or planning to invest in Big Data strategies in the future”, said Sunil Manglore, managing director, CA Technologies, India.
In this digitally transformed world, Big Data is enabling organizations to thrive in an application driven world. Respondents report that they are already seeing, or anticipating, benefits of increased revenue (19 percent), improved competitive positioning (14 percent), ability to provide new products or services (13 percent), and more effective targeted marketing campaigns (22 percent).
Promisingly, CA Technologies found that companies were putting money toward improving such issues. When asked about the major investment areas required for big data projects, IT managers ranked training employees on big data technologies and hiring new resources with the required skills highly. The study found 68 percent of Indian respondents said are investing in training existing resources on Big Data technologies.
Companies looking to improve the customer experience, grow revenues and reach, and remain competitive would be wise to ramp up the employee expertise and technology that big data execution requires.
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