Organizations Realize the Need for a Data Strategy Now
As game-changing tech trends such as mobile device usage, social media and sensor-derived data further feed the explosive growth of data, companies are intensifying their efforts to derive economic value through big data initiatives.
According to the recent IDG Enterprise 2014 Big Data Study, interest in big data continues to rise, as 70% of enterprises have or plan to implement big data projects within their organizations. These initiatives are given critical priority, most likely due to the large quantities of data they are collecting. Given the rate of data growth at most companies, findings such as 65% feeling overwhelmed by incoming data makes sense. There is also a lot at stake as companies look to gain competitive advantage by using their wealth of data to improve the speed and quality of business decisions. With that, organizations report significant big data investments – 65% expecting the amount of IT budgets allocated to big data to increase. On average, companies will spend $8M on big data-related initiatives over the next year.
Significant growth in not only the influx of data, but also the initiatives behind it can create challenges for these organizations. For the second year in a row, budget limitations top the list of barriers for big data implementation even though many plan to significantly increase the amount allocated to it. Also part of the top challenges to big data projects is the lack of skilled employees available to manage and analyze big data projects. Finally, integration can pose challenges, especially for enterprise organizations integrating big data initiatives into their organization’s business process (93%) and culture (89%).
When it comes to the vendor landscape, perception is shifting a bit as companies progress farther in their big data journey. Forty-nine percent of respondents indicated that there was no clear thought leader in the Big Data space, opening the door for one to emerge. As companies continue to move further down the big data adoption curve, there is clearly room for improvement—and opportunity. Companies’ big data investments stand the best chance of pay off with a well-defined cross-functional strategy and partners that can provide strategic as well as technical value.
Tech Marketers: Have you clearly communicated your company’s strategic and technical value?
Sources: 2014 IDG Enterprise Big Data Study