While nearly 90 percent of business and IT leaders agree that big data can be useful in making intelligent business decisions, only one-third of companies have implemented big-data initiatives. That's the finding from a recent International Data Group (IDG) survey, sponsored by Kapow Software.
Furthermore, more than 50 percent of survey respondents said that they had only lukewarm success with getting big data to deliver value in terms of competitive advantage, differentiation, top-line growth, strategic insights, employee productivity and effectiveness, among other business metrics.
Respondents reported that big-data projects take too long, cost too much, and aren't delivering a sufficient return on investment (ROI). Part of this is because these projects require expensive consultants or hard-to-find data scientists. Yet, while this lag in adoption continues, the mass of data from a variety of sources is growing.
Among the barriers to drawing value out of big data, according to survey respondents, are:
- High cost and complexity. Many business leaders believe such
projects require a prohibitively expensive infrastructure. Sixty percent
said projects take 18 months or more to complete.
- Employee workarounds. Respondents said employees often take
matters into their own hands, but without effective solutions, are
resorting to manual aggregation. This is putting pressure on IT to
automate these efforts.
- Poor data accessibility. Nearly half of IT leaders said they find it difficult to find, access, and integrate the right information, which is often unstructured and spread among a wide variety of sources.
- Lacking skills and tools. Big data is proving to be inaccessible by employees without special training, again putting pressure on IT to pave the way.
Business leaders surveyed are looking for a variety of benefits from an increased use of big data. They say the following are either "critical" or "very important:"
- More informed business decision - 80 percent
- Increased competitive advantage - 71 percent
- Improved customer satisfaction - 68 percent
- Increased end-user productivity - 62 percent
- Improved security or compliance - 60 percent
- New products and services - 55 percent
- Monitoring and responding to social media in real time - 33 percent.
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