Big data ROI
Big Data an Extended Journey for Many Companies
Using big data is a major challenge for most organizations, which are facing challenges in adjusting their processes to incorporate real-time analytics.
Current State of Process Management
88% of respondents’ organizations now monitor most of their operational processes, and 67% have a program for optimizing and improving processes over time.
Operational Process Assessments
83% stated that their operational processes take too long; 86% said their organizations are either seeing, or would expect to see, benefits with collecting and analyzing data quickly.
Big Data Investments
On average, organizations have increased their investments in the collection and analysis of data by 21% in the past 12 months. This is set to increase by 23% in the next two years.
The Big Data Analytics Challenge
73% agreed that analyzing a lot of data is a challenge. Worse yet, acting on the data in real time is a challenge for 65%.
No Data Confidence
Only one-fifth of surveyed decision-makers are extremely confident in the reliability (23%), accuracy (21%) and completeness of their data (21%).
No Confidence in IT
26% believe that their IT departments are supporting their needs for real-time analysis of data. More than half (56%) of organizations are using manual processes to collect and analyze data.
Biggest Big Data IT Challenges
47% cited keeping data secure as their biggest big data challenge, followed closely by 46% citing the cost of storing it.
Top Unfulfilled Big Data GoalsAlmost a third (32%) of respondents want to be able to predict customer behavior, while 28% want to use mobile applications to collect data.
Expected Big Data Benefits
74% said more visibility into internal processes could lead to operational improvements; 65% said it would also decrease the chances of falling behind their competitors; and 41% cited missed revenue opportunities.
The Cost to the Business
85% said their organizations are experiencing challenges because they are failing to use data quickly. Less than half (44%) said it’s difficult to determine what processes to prioritize.