Over three quarters of business executives claim Big Data produces big returns and helps them make better business decisions, new research has revealed.
Additionally, the worldwide poll of 500 senior business staff by business technology company Avanade found that 73% of companies have already used data to increase revenue by growing existing revenue streams (57%) or creating entirely new sources of revenue (43%).
In terms of analytics, the research showed that the majority of companies claimed more technology options have become available to help analyse and manage data over the last 12 months whilst more companies are investing in this technology. Over 90% of companies reported using tools to currently manage and analyse data, said the report.
Tyson Hartman, Avanade’s global CTO and corporate VP, said: “Big Data has gained a top spot on the agenda of business leaders for the real value it has begun to create. Today, the technologies and skills used to leverage Big Data for business purposes have reached a tipping point – new types of data supported by better tools to leverage it, enable companies to find financial and competitive benefits from their data.”
Big Data is no longer thought to exist solely in the remit of IT with 95% of respondents considering data analysts a part of their IT staff. Instead 58% of those surveyed claim it is now embedded throughout their business whilst 59% state more employees are involved in decision-making as a result.
However, 85% of respondents admit they still face obstacles in managing and analyzing data from being overwhelmed by sheer volume to data security concerns to not having enough dedicated analytics staff.
Employee mobility, cloud computing and social networking are also causing companies to rethink data management strategies, according to the report.
Hartman added: “The challenges of Big Data remain, but the opportunities are even greater. Business leaders are moving from defense to offense in their data management strategies. Forward-looking companies are empowering more people across the enterprise with the tools and skills needed to make better business decisions and ultimately, harness the power that Big Data promises.”