With more and more organizations recognizing the tremendous business value of Big Data, can your company afford to lag behind the competition and embrace the serious threat of surviving in the challenging business world if you don’t act?
About 65 percent of the organizations across the globe reveal their great necessity to adopt Big Data or be noncompetitive in the market if they don’t embrace it, according to a survey conducted by Capgemini, a French multinational corporation providing IT, consulting, outsourcing and professional services. The business battlefield is getting fiercer and to some companies, the challenge is to survive, not just to succeed, according to Capgemini’s and EMC Corporation’s report, ‘Big & Fast Data: The Rise of Insight-Driven Business’.
They surveyed over 1,000 senior business leaders from Europe, North and South America, and Asia Pacific to understand the extent to which Big Data technology is being utilized by different industries and analyze their readiness for adopting the said platform.
Around 64% of them expressed that Big Data is changing and disrupting traditional boundaries. About 27% of them are already encountering competitors entering from adjacent industries, while 53 percent anticipates increased market competition from data-empowered start-up companies. These results indicate that Big Data is a critical must-have in order to survive and progress in the competitive market.
Data-driven insights are essential to growing business
Many organizations acknowledge the importance of insights from Big Data. About 59 percent of the business leaders say that the data their organizations possess are becoming a core component of their enterprise’s market value.
One of the most interesting findings from the study was the organizational changes happening. About 43 percent of the respondents are restructuring and one-third have appointed C-level roles to exploit and manage data.
The study also reported the following findings:
- 56 percent of the respondents believe that their investment in Big Data will exceed their past investment in information management over the next three years.
- 61 percent recognize that Big Data is becoming a driver of revenues and the insights from Big Data are valuable factors in enhancing their offerings.
- 63 percent see the monetization of data will eventually be a valuable component of their organizations.
- 50 percent of the organizations surveyed have either implemented the big data technology or are already in the process of implementing it, while 21 percent is planning to start the project implementation within the next 12 months.
- Today’s business climate requires business leaders to make quick intelligent decisions, which require faster insights from Big Data. However, 45 percent of respondents consider their existing method to be too lengthy and does not meet their business requirements. Meanwhile, 52 percent consider the speed of generating insights is hampered by IT development process.
- Business executives consider quick access to Big Data as the most valuable. About 77 percent of the respondents state that decision makers increasingly demand data in real-time.
In the last two years, 90 percent of all the data in the world was created and 80 billion sensors will be activated by 2020, according to Ray Wang, Principal Analyst and Chairman of Constellation Research, Inc. Organizations must, therefore, embrace Big Data and take action on insights to create disruptive business models.
If you need help with your Big Data initiatives, contact Four Cornerstone and our Oracle consulting in Dallas will be happy to help you.
Photo by Olivier Carré-Delisle.