Industries have been abuzz with “big data” lately and how data management services and analytics can change the landscape on how we operate on long-established procedures—especially when it comes to research and marketing.
An insightful survey carried out by Forbes Insights and Teradata among 316 executives from large global companies revealed just how much impact big data analytics has on their operations.
1. Investment on big data analytics is needed to gain competitive advantage.
The survey reported that ninety-percent of organizations made significant investments on big data analytics requiring investments in technology (infrastructure and software) and manpower.
Among these organizations, fifty-nine percent of the executives consider big data analytics as one of the top five or even the most important way to gain a competitive advantage in their industry niches. This is more marked in the financial services industry and the Asia-Pacific region.
Company executives know they need to get on the big data trend. Two-thirds of the surveyed executives have reported a significant, measurable impact on revenues after making investments on big data.
The challenge now is how companies use their investments to gain an edge over their competitors.
2. Companies still don’t base decisions and strategies on data alone.
Even if you see how “data-driven” results are more strategic and successful, there are still fifty-one percent of executives that consider a data-driven strategy, as the biggest cultural barrier they face. On the other hand, forty-seven percent consider implementing whatever they learn from data as an operational challenge.
There is clearly a gap between learning and knowing what results are derived from big data analytics and gaining insights from it to develop strategies and base decisions from. In this sense, the right organizational culture will define whether or not big data will have a positive effect on a company.
3. Companies still need to foster a company culture that rewards use of data.
The study showed that companies don’t understand the benefits of a data-driven organizational culture, making them fall behind their competitors.
Forty-seven percent of company executives still feel that their companies’ big data and analytics capabilities are on par with what they need to be using or delivering.
This is because most companies still need to learn a lot on how to use data analytics for themselves. The survey reported that the more respondents know about big data analytics, the less likely they are to judge that they aren’t at par with the industry standard.
There is still a knowledge gap on how to leverage data to their advantage.
3. Companies thrive on big data analytics if their CEOs take it seriously.
As they say, it is still the captain who steers the boat into the direction he wishes.
From the survey, fifty-one percent of organizations that consider big data analytics as an important investment have CEOs who are personally focused on initiatives and strategies driven by big data.
4. Even if the CEOs take big data analytics seriously, getting from point A to B is a challenge.
Even if you have the data-driven leaders and the right organizational culture, implementing data-driven action plans and strategies is still a challenge.
Forty-eight percent of company leaders see making business decisions based on data, as a critical strategic challenge.
Forty-three percent say developing strategies based on data is a key hurdle. Forty-three percent still don’t know how to use resources to get the most insights from the data they have, while forty-one percent still don’t see data as a valuable asset to the company.
Business CEOs have an option: Outsource Data Management Services and Analytics
While company leaders know the value that data analytics can provide their companies, there’s an apparent gap between knowing, learning, and implementing.
Outsourcing data management services is an excellent way to start learning how to utilize fully the wealth that data can give to one’s company.
Take it a step further by hiring data scientists that can provide an objective view of what your big data analytics reports are saying and give you fresh insights on how it is impacting and will affect your business.
Infinit Datum offers a full range of data and research outsourcing services providing world class, quality-based solutions that consistently exceed clients’ requirements.
Our strategy is to create partnerships with clients, rendering a strong combination of business consultancy, process optimization, and the latest operational techniques and technology to provide consistent maximum performance from the outsourced functions. Contact us for more information.