Big data ROI
Using big data is a major challenge for most organizations, which are facing challenges in adjusting their processes to incorporate real-time analytics.
88% of respondents’ organizations now monitor most of their operational processes, and 67% have a program for optimizing and improving processes over time.
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.
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.
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%.
Only one-fifth of surveyed decision-makers are extremely confident in the reliability (23%), accuracy (21%) and completeness of their data (21%).
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.
47% cited keeping data secure as their biggest big data challenge, followed closely by 46% citing the cost of storing it.
Almost a third (32%) of respondents want to be able to predict customer behavior, while 28% want to use mobile applications to collect data.
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.
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.