The vast majority of global business executives want to enable more of their employees with better access to Big Data and the ability to analyze it in the context of other relevant data, according to a new survey from the Economic Intelligence Unit, London.
Companies need better access to Big Data as well, according to the research. Seventy percent of survey respondents said that a positive outcome resulted from their last major decision in which data played a pivotal role, while 45 percent say more Big Data would have helped.
Seventy-seven percent of executives surveyed reported that more employees need to have access to Big Data in order to make informed decisions. That expanded access should occur soon. Over the next three years, 53 percent of companies anticipate increased investment in expanding Big Data decision capabilities to more employees, according to the research. Already, nearly half (48 percent) of respondents said that someone other than the chief information officer drives Big Data processes in their enterprises.
Forty-five percent of companies surveyed felt they did not have enough Big Data, while more than half of those agreed that adding more sources of data would have helped ensure a positive business decision and outcome.
Survey respondents were enthusiastic about the positive impact they thought their firms could achieve with Big Data. Survey respondents said that Big Data would aide decision-making around seizing market opportunities (66 percent), holding on to customers (55 percent), competing with rivals more effectively (41 percent) and boosting financial performance (35 percent). Survey respondents also indicated that allowing more workers to harness Big Data would help them make better and faster decisions (63 percent), illuminate business opportunities that were not previously apparent (45 percent) and identify and exploit opportunities more quickly (37 percent).
“Companies are beginning to understand that Big Data isn't just about high volume and velocity; it's mostly about the ability to get at new sources of data that provide business value when analyzed in the context of all other relevant data,” Rick Schultz, senior vice president, marketing for Alteryx, Irvine, Calif., the company that sponsored the research, said upon release of the research. “Big Data is extremely valuable to companies looking to solve their immediate decision-making challenges. Delivering the right data to the right decision maker in a way they can understand – no matter where that data lives or what form it takes – is crucial, and companies need to make this easier in order to get maximum value from Big Data.”
Some of the other survey findings:
· Customer service and retention and new market opportunities are the greatest areas for growth and potential business benefit from access to Big Data insights.
· When combined, Big Data and other sources of market and customer data can drive better market analysis and improved customer intelligence. Business leaders want their employees to analyze Big Data in the context of other relevant market information such as customer segment data and third-party market data.