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A new report from Oracle about management of Big Data echoes results from numerous other studies and reports showing that organizations are increasingly faced with tough challenges in being able to manage the ever increasing amounts of data which they collect.
The Oracle report, From Overload to Impact, includes the following findings:
- 94 percent of organizations have increased the amount of data that they manage over the past two years
- 29 percent of organizations give themselves failing marks — a “D” or an “F” — in their attempts to manage their data
- 93 percent of organizations said that because of poor data management that their annual revenue is 14 percent less than what it could be
- 97 percent of organizations say that changes to how they’re managing their data is something that they have to do
When these organizations were asked what they could do to improve, the most common reasons cited were that their current systems aren’t able to handle the amount of data which they are now experiencing and that they are currently constrained to rely on their IT group in helping them to analyze their data.
Top priorities for these companies going forward are:
- 43 percent – Improve ability to translate information into actionable insight
- 38 percent - Acquire tools to enable more accurate collection of information
- 38 percent – Train employees to better be able to analyze and understand the data which is collected
One area that this report which is more unique than similar reports about the crunch of Big Data is to explore in greater detail how different vertical markets are dealing with the Big Data problem. The report finds that the public sector and health care industries are having the biggest problem with managing data. The Consumer goods industry seems to fare the best, with only 7 percent of those companies giving themselves a failing grade.