The big data is changing the conduct of business for companies and executives to get the most from their big data projects and help ease big data challenges. According to a new report from Accenture, enterprises are satisfied with business outcomes from big data and recognized it as very important tool to their digital transformation.
The report, “Big Success with Big Data,” found that 92 percent of companies respondents are satisfied with the results obtained with big data projects and 94 percent felt that the implementation of a big data application has met their expectations. Almost 88 percent of respondents rated big data as “very important” or “extremely important” to their businesses’ digital transformation, and 82 percent agreed big data provides a significant source of value for their companies.
Businesses are at a transition point where instead of just talking about the potential results that can be achieved from big data, they are realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations. They’re recognizing that big data is one of the cornerstones of digital transformation, the report says.
Even midsize companies ($250 to $500 million annual turnover) believe that big data is a response to support strategy and achieve objectives such as generating new revenue, develop new products and services and enhance the user experience. Decision makers surveyed said that big data will have the largest impact within 5 years in terms of customer relationship management (63 percent).
The report further said that even the most basic items like water pipes can generate and provide data. While the Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage.
For now, it is the big companies that seem to be able to make the most of big data and the survey states big companies have a better understanding of big data, technologies and solutions, and the value that can be learned; they have a very attentive focus on possible applications and the expected results; an implementation of budgets and adequate resources; and a good understanding of the importance of this new wave of technology and its ability to transform the company in depth. In any case, more than half of whom respondents (89%) believe that big data will revolutionize the way of doing business in the same way the Internet did in its time in the mid-90s.
Despite this positive assessment of big data, the survey presents a significant list of challenges that could slow the development of new projects. Accenture has seen organizations overcome big data implementation challenges by remaining flexible and recognizing that no single solution suits every situation. If a particular approach doesn’t work, organizations quickly try another one, learning as they grow. They also start small and stay realistic in their expectations. Rather than attempting to do everything at once, they focus resources around proving value in one area, and then let the results cascade from there.