Majority of firms fail to extract value from Big Data projectsby
Whilst the majority of organisations agree that Big Data offers helps businesses make better decisions and foster a data-driven organization, most are failing to make their projects a success.
According to Kapow Software’s survey of over 200 business and IT leaders, 85% of businesses believe Big Data enables firms to stay ahead of market trends, provide competitive advantage, improve customer satisfaction, increase employee productivity and improve information security or compliance.
But, despite this, half of respondents (52%) rate Big Data project success so far as lukewarm whilst only 23% of them perceive them to be a success. Inability to automate structured and unstructured data quickly and effectively is among the biggest challenges with 60% of respondents admitting that Big Data projects typically take at least 18 months to complete.
Big Data technology solutions also appears to be a problem with just one in ten business leaders believing Big Data solutions on the market today are effective at getting valuable data to their workforce in a timely manner.
Additionally, more than half said these projects typically require consultants and other third-party experts to complete, the survey showed.
In total, 32% of companies polled have implemented Big Data initiatives to date with the figure expected to double during the next 12 months.
Karl Ederle, chief product officer at Kapow Software, said: “A clear strategic imperative has emerged: making Big Data insights easily consumable across the workforce. It’s become critical for organizations of all kinds to deliver the right information rapidly enough to the right employee so it can be acted upon quickly to make a business impact.”
Business and IT leaders are not the only ones struggling to extract value from their Big Data project. Recent research revealed that marketers also lack the skills to extract information and fail to understand customer needs as a result.
According to the survey, which polled 409 consumers and 257 marketing executives, 45% of marketers said they lack the capacity for analysing Big Data with half claiming they have inadequate budgets for database management