Big data investment
Investments in big data are helping increase revenue and reduce costs, despite significant cultural and tactical challenges.
Over a quarter (27%) said the impact of big data investments exceeded 3% of revenues, while 38% pegged the value of those investments at 1% to 3% of revenues.
Just over one in five (21%) said big data has a cost impact of more than 3%, while 39% reported an impact of 1% to 3%.
More than a third (38%) indicated that big data is a major focus of their senior leadership teams, while 21% said big data was the most important way for their organizations to gain a competitive advantage.
16% claimed to be best-of-breed in their industry while more than a third (37%) said they were above-par. CIOs and CTOs tended to rate their capabilities higher than other IT professionals.
The top four areas of investment are storage, data acquisition, talent and analytics.
More than half (56%) are using location-based data, while 48% are using standard text data and another 43% are using social media data.
Just over half (51%) cited adapting to and then refining their big data strategy, followed by 47% that cited learning to use big data to improve the customer experience.
Other challenges included fostering a culture that rewards the use of data and valuing experimentation and creativity, which were both cited by 43% of respondents. Only 10% said there were no significant cultural challenges.
Nearly half (48%) pointed to making decisions based on data collected as the key tactical challenges, followed by developing a corporate strategy and focusing resources, both at 43%.