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Accenture Analytics survey reveals that companies with big data experience are satisfied with business outcomes.
Companies with big data experience are overwhelmingly satisfied with business outcomes, facing challenges to maintain competitiveness and become digital enterprises.
The Accenture Analytics Big Success with Big Data survey shows that big data is taking off. The vast majority who have completed big data projects report not only satisfaction but that big data is meeting their needs. According to our survey, 92 percent of respondents are satisfied with the business outcomes driven by big data and nearly all (94 percent) report that their big data implementation meets their needs.
For most (89 percent), big data is very important to their organization transformation into digital. Companies are leveraging big data across a variety of activities, such as identifying new sources of revenue (54 percent) and new product/service development (50 percent). However, for most, a big data implementation comes with challenges such as security (51 percent), budget (47 percent), talent (41 percent) and technology integration (35 percent).
Visit our Big Success with Big Data survey page to learn how companies are using big data as a catalyst for transformation to become a digital enterprise.
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Much has been said about the potential of big data. The Accenture Analytics Big Success with Big Data survey takes a closer look by focusing on companies that have implemented one or more big data projects. We examined what companies are doing now with big data, the challenges they face and what’s next for big data analytics.
For the study, Accenture Analytics interviewed more than 1,000 experienced users of big data in April 2014 from 19 countries and seven industries, including Banking, Communications, Consumer Goods & Services, Energy, Healthcare Providers & Payers, Insurance, Retail. Companies are headquartered in Australia, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Italy, Japan, Malaysia, Netherlands, Norway, Singapore, Spain, Sweden, UK, US. Respondents were from companies that have annual revenues between $250 million and more than $10 billion. Every respondent’s organization had already completed at least one big data installation.
The Accenture Analytics Big Success with Big Data survey unearths several key insights, including:
There is much to learn when embarking on big data initiatives. Users imagine their project will be fairly easy, only to discover that there is a lot to learn about data frameworks and analytic techniques. Challenging—yet not impossible—big data implementations force users to stay flexible, adapting and learning as they grow.
Bigger companies are getting more from big data. The bigger the organization, the better the results. Larger companies have a broader conception of what big data includes, and use more types and sources of data for a wider variety of purposes across more functions. Larger organizations start with focused initiatives in practical areas, such as customer relations, product development and operations, rather than trying to do everything at once.
Analytics talent is hard to come by. Talent is an issue for many and remains in short supply. The successful users source talent wherever they can find it, leaning heavily on external, experienced resources including consultants, contractors and technology vendor resources. Organizations are looking at ways to hire and develop internal talent as well.
Big data has the potential for transformation Big data users believe big data will revolutionize business operations in the same way the Internet did (89 percent) and report big data as very or extremely important to their businesses’ digital transformation (89 percent). Asked where they expect big data to have the biggest impact on their organization in the next five years, executives said customer relationships (63 percent), product development (58 percent), and operations (56 percent). The consensus is clear: big data brings disruptive transformation, even if users do not always agree on precisely what “big data” includes.
Big data remains fertile ground for business transformation. For those just stepping foot in this territory, it is wise to explore the entire big data ecosystem, examining new data sources and technologies. Start small in one area of business with a proof of concept, demonstrate value and ROI quickly, build internal consensus and then grow big data programs organically.
As you grow, it’s important to be nimble and adapt and learn as new technologies—and new opportunities—evolve. An important part of growth is finding the right talent. Focus on building analytics skills by hiring external resources, staffing up when possible, and developing internal capabilities through training and development.
September 10, 2014
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