Big Data Nirvana Still Has A Long Way Off
While big data is seen as the tool to achieve competitiveness in the world of business, allowing CXOs to take smart data-driven decisions, the reality is that big data still has a long way to go to attain nirvana. A new survey by Capgemini shows that many organizations are still struggling with embedding big data in their operations and only a handful of them found success in big data projects.
The study not only shows that a meagre 13 percent achieving full-scale production for their Big Data implementations, but the most troubling development is that most organizations are failing to benefit from their investments. Only 27 percent of respondents have described their Big Data initiatives as “successful” and only 8 percent described them as “very successful,” the number is very negligible.
In other words, there has been slow progress in bringing big data into the core of the enterprise. One of the biggest impediments, the report found out is that big data initiatives require a combination of organizational drive, new technologies, advanced skillsets, and innovative thinking, which is a challenge for organizations to achieve. Therefore, even though some enterprises are spending quit a lot on these technologies, they are not getting the desired transformative results.
The survey finds the main obstacle to big data success is scattered silos of data with 79 percent of organizations have not fully integrated their data sources across the organization. This means decision-makers lack a unified view of data, which prevents them from taking accurate and timely decisions. Among other issues faced by enterprises it is important to note that a lack of strong data management and governance mechanisms, and the dependence on legacy systems are acting as obstacles to big data system.
So, how can organizations make Big Data operational? The Capgemini study states while there are many factors that go into the making of a successful Big Data implementation, a key factor was that organizations that achieved big data success have a strong operating model that made them stand apart.
This operating model has multiple distinct elements, which include, among others, a well-defined organizational structure, systematic implementation plan, and strong leadership support. For instance, success rates for organizations with an analytics business unit are nearly two and a half times those that have ad-hoc, isolated teams, said the report.
At present, the study notes that a significant number of organizations operate with scattered pockets of analytics resources or with decentralized teams that function without any central planning and oversight. As a result, best practices from successful implementations are not shared across the organization, initiatives are not prioritized, and resources are not deployed in the most effective ways, it says.
Nevertheless, enterprises are very hopeful about the potential of big data, as the study sees nearly 60 percent of executives stating that big data will disrupt their industry within the next three years. The ability to capture data on transactions, customer preferences, and product adoption, and then be able to predict where things are going, will help organizations lead the way within their industry groups, they believe.
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