Few Enterprises Using Big Data Analytics

 
 
By Karen A. Frenkel  |  Posted 02-17-2014 Email Print this article Print
 
 
 
 
 
 
 
 

Many executives say their companies are not equipped to make the most of big data, according to a survey by management consulting firm Bain & Company. Participants were executives from more than 400 companies worldwide and mostly from enterprises with revenues of at least $1 billion. "We found…an elite group that puts into play the right people, tools, data and intentional focus," say authors Rasmus Wegener and Velu Sinha. These select companies are already using analytics insights to change operations and to improve products and services. They are twice as likely to be in the top quartile of financial performance within their industries, three times more likely to implement decisions as intended, and five times more likely to make decisions faster. These companies see themselves as more effective in every aspect of analytics, including capturing, collecting and storing data, and in parsing and drawing insights from it, according to the authors. To access the full report, "Big Data: The Organizational Challenge," click here.

 
 
 
  • How Leaders Use Big Data to Win

    Leaders invest in four areas: Data-savvy people, Quality data, State-of-the-art tools, Processes and incentives
    How Leaders Use Big Data to Win
  • Four Elements of Advanced Analytics

    The four main elements are: 1 A mix of data science, business acumen and technical expertise, 2 Quality, consistent data stored so that it's easy to access, 3 The best current tools, like unstructured databases and heuristic instrumentation, 4 The commitment to be data-driven; that is, create structures, processes and incentives to support analytical decision-making
    Four Elements of Advanced Analytics
  • Unfinished Business

    One third of companies don't invest in these four elements. 36% of respondents have a dedicated data-insights team, Only 19% have high-quality, consistent data, 38% are using state-of-the-art analytics tools, 23% have clear strategies for using analytics effectively
    Unfinished Business
  • Recommendations For Data Capture

    Companies need a strategic plan for collecting and organizing data in order to create value. 56% of respondents don't have the right systems to capture data or are not collecting useful data.
    Recommendations For Data Capture
  • Formulate a Good Data Policy

    Differentiate your company's analytics capabilities from competitors' and identify relevant sources of data.
    Formulate a Good Data Policy
  • Tool Recommendations

    Tools, such as Hadoop, HPCC and NoSQL, are evolving rapidly. They, and mature analytics, visualization and data management, can help you gain insight and gather statistical novelties in ways impossible just a year ago. So aim high.
    Tool Recommendations
  • Recommendations Regarding Personnel

    Successful big data and analytics efforts need: Data scientists, Business analysts, Technical specialists
    Recommendations Regarding Personnel
  • Recommendations Concerning Intent

    The CEO and top leadership should explain how analytics will shape the business's performance by improving products and services, optimizing internal processes, building new products and services, or transforming business models.
    Recommendations Concerning Intent
  • The Opportunity

    Some industries, such as financial services, technology and health-care, are ahead in redefining business models based on analytics and insight-driven decisions.
    The Opportunity
  • Competitive Edge

    The competitive edge for advanced analytics is no longer limited to a few technological companies or data-intensive industries. Companies that commit to making the most of their data by investing in analytics are already financially outperforming their peers.
    Competitive Edge
 
 
 
 
 
Karen A. Frenkel writes about technology and science, innovation, and entrepreneurs and lives in New York City.

 
 
 
 
 
 

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