The amount of data streaming into businesses has been growing exponentially for years, and there is no sign that this explosive growth will slow down in the near future. Savvy organizations who can leverage this data to their advantage will gain many benefits for their businesses - deeper insights in customer behavior, competitor tracking, operational efficiencies, and many more.
However, the question for most companies is - how are we going to manage and utilize this data to our advantage? Recently, we carried out a survey jointly with the Outsourcing Center to find out how organizations are managing and analyzing the proliferating data, and how they are leveraging big data for the benefit of their businesses. While not a comprehensive picture of how these organizations are approaching big data, the survey results identify some general trends in this emerging area:
Finding 1: Big data platforms are essential for a majority of organizations to manage future big data challenges;
Finding 2: When it comes to big data, organizations find it difficult to analyze data sufficiently, handle external data and report data in real time;
Finding 3: Most organizations still do not have a formal strategy in place to deal with and leverage big data;
Finding 4: Becoming more operationally efficient is considered the biggest benefit of implementing big data strategy; and
Finding 5: Lack of measurable ROI is the biggest roadblock to implementing a big data strategy.
For more details on our findings from the survey, read our article, 'Reaping the Rewards of Big Data.'
How is your organization leveraging big data? What challenges did you face and how have you overcome them? Do write in with your comments - as always, we'd love to hear from you!