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Big Data: Big Payback for Organizations — IF They can Make it Work
It’s not easy, but organizations that have managed to crack the secret of Big Data report that they’re deriving considerable benefits from the technology. But the problem is that the bar for achieving success with Big Data is a high one to jump.
A Datamation survey found that once Big Data is successfully deployed, businesses significantly increase their opinion about how well they are executing on key components of their business. The survey compared businesses that were just testing and piloting Big Data versus businesses that already have deployed Big Data applications and use it regularly. This is how those businesses self-scored themselves on the following key business capabilities:
| Exploring Big Data | Big Data Deployed | |
| Identify Trends that may Impact Business Goals | 22% | 44% |
| Improve Products and Services | 32% | 49% |
| Identify and take Advantage of Opportunities | 24% | 47% |
| Make Better Decisions more Speedily | 23% | 50% |
| Understand Consumer Sentiment | 23% | 47% |
| Understand Consumer Needs | 27% | 46% |
But adopting, implementing and deploying Big Data isn’t an easy road. The challenges for getting Big Data up and running are many. One major hurdle is just to get the software installed and integrated with available data sources. Storing and managing large amounts of data presents it’s own set of issues. And then there’s building an interface that users can easily access and use for analysis of the data. Businesses that have been most successful with the technology are those that have made analytics available to all groups in the organizations — from sales to IT to upper management.
Rasmus Wegener, a partner at Bain, said that “when it works, big data has the potential to create substantive results for businesses, but less than 5 percent of businesses are able to achieve significant results. We expected to see big data falling into many of the chronic alignment gaps between business and IT, but we hardly expected to see such slim odds for business success.”
