Although big data is a great way for companies to organize its information and keep everything in mind, it also comes with its fair share of challenges, according to new surveys conducted by NewVantage Partners.
Put together in a report titled An Update on the Adoption of Big Data in the Fortune 1000: Executive Summary, the consulting firm broke down several bits of information surrounding big data. Here are some of the key takeaways from the report:
While adopting big data is on the rise, not everyone has accepted it just yet.
62.5 percent of firms have one part of big data in the works, which is an increase from 48.2 percent the previous year. Only 5.4 percent of those polled indicated that they don’t have any sort of plans for big data at the moment.
Big data is becoming more reliable with companies.
Last year, only 54.5 percent of companies felt that big data played a part in the success of their business. This year, that number rose to 69.6 percent, and 72 percent of companies have launched a successful big data initiative that has gone above and beyond expectations.
Insights and speed are vital to big data.
When it comes to the importance of big data in a business, 37 percent have stated that insights with business and customers come first, while speed (faster time-to-market, answering consumer questions) came in second with 29.7 percent.
In addition, the report also shows that 63 percent of those polled have a reliance on big data when it comes to day-to-day operations, while 60 percent utilize data for better consumer understanding, and 59 percent rely on it for measuring business objectives.
Investment is expected to increase.
Back in 2014, big data didn’t have much investment to speak of, with only a handful of companies investing $100+ million in it. However, over the next three years, those numbers will spike increasingly, with over 25 percent of those polled indicating they would spend a huge amount of money in big data. That’s nearly a five times increase over a three year span. The chart below breaks down just how vital these numbers are.
It’s an eye-opening report, especially for those looking to invest further in big data.
