Organizations that start and complete big data projects see practical results and significant value, according to a recent study by Accenture Analytics. Those standing on the sidelines may be left behind.
Executives report big data delivering business outcomes 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. Organizations regard big data as extremely important and central to their digital strategy.
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Users that have completed at least one project are very satisfied with their initial forays into big data. The vast majority report that they are satisfied with business outcomes and that their big data initiative is meeting their needs.
Accenture Analytics surveyed more than 1,000 respondents from companies operating across seven industries and headquartered in 19 countries that had completed at least one big data implementation. Key findings emerging from the research cluster around these themes:
Big data demands broad learning
Users discover that there is a lot to learn about data as an asset and about analytics. They face challenges of security, budget, talent and integration with existing systems.
With big data talent in short supply, successful users source skills wherever they can find them, leaning heavily on external, experienced resources.
Bigger companies are getting more from big data
The bigger the organization, the better the results, perhaps because they bring more to the table. Larger organizations are leading the way by starting with focused initiatives, rather than trying to do everything at once.
Big data is definitely disruptive, potentially transformational
The consensus is clear: big data brings disruption that can revolutionize business.
Early adopters are viewing big data as the catalyst for transforming their organizations into digital enterprises. Thinking about data as an asset requires organizations to change their mindsets, becoming more data-focused, and assembling and acquiring the tools and skills needed to manage data at speed and at scale.
Thames Water: Using data to optimize the UK’s largest provider of water
Thames Water is responsible for supplying public water and wastewater management for much of Greater London and the Thames Valley. By using Accenture’s Smart Grid services, the company can access real-time data to improve their overall performance.
Thames Water aimed to use data to provide efficient, high-quality customer service. Accenture will help by creating a single view of the company’s operating systems and assets, such as pipe and treatment facilities.
Between September 2013 and March 2015, Accenture will implement advanced analytics, which will enable more efficient water sourcing and remote asset monitoring. The data will help the utility giant anticipate equipment failures and respond in near real-time to critical situations, such as leaks or adverse weather events.
This video provides an overview of research findings: What organizations are doing with big data, the challenges they face, and what they see as the future for big data.
In a study spanning seven industries and 19 countries around the globe, Accenture Analytics surveyed more than 1,000 executives from companies that have completed one or more big data projects. A stunning 92 percent report they are satisfied with business outcomes resulting from big data. Almost the same number agreed that it provides a significant source of value for their companies, and 82 percent view it as very or even extremely important to their businesses' transformation to digital.