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September 17, 2014

Businesses struggle to gain value from big data analytics

One in five also question the quality of their data.

By

Organisations are struggling to obtain value from their data and compete in the marketplace even though they’re collect more data than ever before, according to research.

A survey of IT professionals from 300 US enterprises found that 42% had difficulty in extracting analytics-driven insights from their data, while one in five questioned the quality of their data.

Another 12% cited having too much data as another business challenge, while 7% agreed that they had too many data sources.

The research, conducted by market research firm Avention, said that the correlation between performance and analytics-driven insight has important implications to their organisation, whether they are seeking growth, better marketing or efficiency.

"The true value of Big Data is the ability to leverage it for development of an informed strategy that improves decision-making, efficiency and effectiveness for enterprise functions," said Steve Pogorzelski, Avention’s CEO.

The research also found that 66% identified having data accuracy as a top priority for their business strategy, while 56% cited data insights, 46% sales cycle improvements and risk analysis, and 45% customer insights.

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The report added: "To derive the greatest benefits from Big Data, organisations must meet a few specific and important requirements. First, it is critical to implement a strong, articulated data strategy.

"Second, a business must learn which topics are going to be the most relevant to the strategic direction of the enterprise; and third, an organisation needs to implement a solution that purposes and delivers Big Data in a way that is useful to the Lines of Business."

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