1010data, Inc., a market leader in the evolving discipline of Big Data recently published that a majority (79%) of the executives they interviewed across numerous verticals believe Big Data will reach its potential in one to five years. Why the slow adaption rate?
Disclaimer: The 2013 Big Data in Business Study published by 1010data Inc. captured the viewpoint of 158 executives which is a relatively small statistical representation. However here is a summary of some of their key findings:
· 62% indicated that they need more education on how Big Data solves business problems; 53% need concise Big Data solutions to better address the needs of business users.
· 49% of the executives interviewed want simpler tools/solutions (less moving parts); 40% need prices for tools/solutions to be reduced.
· 12% believed that Big Data has reached its potential; 35% believe it will reach its potential by the end of the year; 44% believe it will reach its potential in the next five years.
Today’s query: Why is everyone waiting? One to five years? Big Data as I have shared in the past is an integral pillar of Social Enterprise. Yes, I do agree that organizations will need skilled resources to perform analytics. As a marketing geek, I understand crunching numbers is not a fun task. Ask any marketer what they enjoy most about their jobs and they well tell you launching new products, coming up with the next great advertising slogan, etc., etc., etc. However, continual analytics of business performance is a necessary key to any company’s success. Therefore, it is time for more companies to get on the bandwagon and begin to understand how they are going to turn Big Data (all the mountains of information that technology is documenting) into measurable results.
Are you still a Big Data skeptic?