All In: Betting Big on Big Data

 
 
By Dennis McCafferty  |  Posted 09-07-2015 Email
 
 
 
 
 
 
 
 
 
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    All In: Betting Big on Big Data
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    All In: Betting Big on Big Data

    Organizations are discovering that the more the CEO focuses on big-data capabilities, the greater the financial windfall.
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    Agenda Leader
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    Agenda Leader

    21% of surveyed senior data and IT decision-makers said that big data analytics is “the single most important way for us to gain competitive advantage,” while an additional 38% rank it as a “top five issue” that gets significant time and attention from leadership.
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    High Stakes
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    High Stakes

    90% said their organization is investing into big data/analytics at a “medium-to-high” level, and one-third said this investment is “very significant.”
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    Spending Priorities for Big Data/Analytics Investment
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    Spending Priorities for Big Data/Analytics Investment

    Storage: 37%, Data acquisition: 35%, Talent: 34%, Analytics: 30%
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    Without a Compass
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    Without a Compass

    Only 37% said their organization has quantified the business case and path for big data analytics to drive significant changes and new business models.
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    ROI Breakdown
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    ROI Breakdown

    65% said big data analytics has had a significant impact on revenues (an increase of 1% or more), while 60% said it’s had a significant impact on costs.
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    Biggest Strategic Challenges for Big Data Analytics
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    Biggest Strategic Challenges for Big Data Analytics

    Making fact-based business decisions based upon data: 48%, Developing a corporate strategy around data: 43%, Focusing resources to get the most insights from data: 43%
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    Top Types of Data Used
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    Top Types of Data Used

    Location-based data: 56% , Text (including email, fax and PDFs): 48% , Social media: 43%, Images: 39%, Web logs: 38%
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    Roadblocks, Part I
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    Roadblocks, Part I

    51% said adapting and refining a data-driven strategy presents a major cultural challenge with respect to big data analytics projects, while 47% cite the leveraging of data to improve customer services.
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    Roadblocks, Part II
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    Roadblocks, Part II

    43% said fostering a culture that rewards use of data presents a major cultural challenge for big data analytics initiatives, and the same percentage cite the valuing of creativity and experimentation with data.
 

Big data analytics has emerged as a top five topic of interest within many organizations, according to a recent survey from Teradata. In fact, a notable share believes that the effective pursuit of data and analytics is the single most essential factor in gaining superior competitive advantage. The resulting report, titled “Betting on Big Data,” reveals that the majority of companies are making substantial investments into data analytics. Storage, data acquisition and talent staffing top the spending priority list for the heaviest of spenders. However, relatively few businesses have staked out a road map to success with regard to how data analytics will drive major changes and create new business models. It doesn’t help that silos make it difficult for enterprises to share data internally while gaining a clear view of business opportunities. Yet, when top leaders are aligned with big data and analytics strategies, these barriers are often overcome. “Organizations are discovering that the more the CEO focuses on data capabilities, the greater the financial windfall,” according to the report. “Similarly, the stronger the relationship between a CEO and his/her data analytics team, the more likely an organization is to invest in data-centric technologies …  In the meantime, organizations are discovering innovative strategies, from online forums to cross-functional boards, to recruit hard-to-find data science talent.” More than 315 senior data and IT decision-makers took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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