V3 Big Data Summit: Companies are becoming increasingly aware of the benefits of big data analytics, but a surprising number have yet to make any clear moves to take advantage, according to new research.
A survey of the V3 audience on attitudes towards big data, carried out as part of the V3 Big Data Summit in conjunction with Pentaho, showed conflicting attitudes and situations relating to big data use.
For instance, 31 percent see big data tools as ideal for improving customer insights, while 27 percent said it would increase overall business performance.
A further 27 percent said that big data tools could help them embrace new types of unstructured and semi-structured data, such as social media content.
However, despite respondents being aware of these benefits, a surprisingly high 46 percent who have already found “real value” in big data and plan to expand their use of the technology.
There appear to be several factors at play for those that have yet to embrace big data tools.
For instance, 24 percent said they have a lack of understanding of the software tools needed to use big data sets, while a further 22 percent said they lack the technical skills.
Interestingly, despite this being a problem, only 15 percent of respondents have hired any big data scientists or statisticians.
This might suggest that firms do not yet feel the need to hire new staff, or are unable to find the right sort of skilled personnel needed for this new and evolving area of business process.
Another interesting insight was that 58 percent don’t believe they need real-time big data processes. This suggests that companies are unaware of the benefits of real-time data analysis in becoming more predictive and forward-looking in their operations, an element of big data that is often touted as the most transformational.
It also suggests that, while many organisations are now aware of big data tools and are taking steps to incorporate them into business processes, many others do not yet fully grasp how big data can augment existing processes and create new transformational opportunities.
This is particularly true when the Internet of Things is factored in, as it is going to generate huge amounts of data that could aid firms with real-time insights and predictive analytics.
One positive insight, though, was that 29 percent of respondents have provided big data tools to 'techies', despite not having a clear use case in mind to make the most of these tools.
This suggests that firms are at least aware of the need to embrace big data tools, although the message from Wael Elrifai, Pentaho's EMEA director of enterprise solutions, is to turn this into real-world action sooner rather than later.
"The reality is that, unless they build out their [big data] capabilities, they will lose out to competitors," he said during a video webinar hosted by V3 to discuss the results.
This echoes a warning from former Cisco CEO John Chambers that as many as 40 percent of the Fortune 500 will not exist in 10 years' time if they fail to embrace the digital era and adapt accordingly.
To watch the big data video webinar simply sign-up via registration page and watch on demand.
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