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Big Data: Expectations High for Positive Business Transformation
Businesses that have tried Big Data say that they like it. In a survey by Accenture, 92 percent of businesses with Big Data projects say that they’re satisfied with the business outcomes and 94 percent say that their Big Data implementation meets their needs.
Additional results from the Accenture study show that most Big Data users believe the hype. 89 percent say that Big Data will ultimately revolutionize their operations in a way similar to how the Internet has transformed their way of doing business. Further, 89 percent say that Big Data will help them transform into a more digital business.
The Accenture report found that “while a significant number of organizations may still be standing on the sidelines, big data users who start and complete projects see practical results and significant value. Organizations perceive big data to be critical for a wide spectrum of strategic corporate goals, from new revenue generation and new market development to enhancing the customer experience and improving enterprise-wide performance.”
Narendra Mulani, senior managing director of Accenture Analytics , said that “today, even the most basic items like water pipes can generate and provide data. While the Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage.”
Challenges seen by companies in their attempt to implement Big Data include:
- Security (51 percent)
- Budget (47 percent)
- Talent (41 percent)
- Integration with other Technologies (35 percent)
