CompTIA’s second annual Big Data Insights and Opportunities study confirms growing familiarity with the concepts surrounding big data, which has sparked greater levels of interest across the C-suite. A full 78 percent of organizations say they feel more positive about big data as a business initiative this year compared to a year ago.“Data has always been important in the business world, but the big data trend has elevated its importance, pushing companies to be smarter in how they manage and use data,” noted Tim Herbert, vice president, research and market intelligence, CompTIA.
With greater focus and resources devoted to data, more companies believe they’ve made progress: 57 percent say they are either very close or exactly where they want to be in data management and utilization. That’s up from 37 percent the year before.
However, the research also indicates most companies still have room for improvement.
“While the threshold for what constitutes big data continues to evolve, businesses of all sizes will seek ways to unlock additional value from the data that’s most relevant to them, be it on a large or small scale,” said Herbert.
Nearly eight in 10 executives cite the need for better real-time analytics and improvement in converting data into actionable intelligence. Additionally, eight out of ten firms report having some degree of data silos in their organization. The number of firms reporting a high degree of silos grew from 16 percent in 2012 to 29 percent in 2013.
Businesses participating in the CompTIA study said shortcomings in managing and using data can impact a business in several ways, including:
--Wasted time that could be spent in other areas of the business.
--Internal confusion over priorities.
--Inefficient or slow decision-making and a lack of agility.
--Inability to effectively assess staff performance.
--Lost sales and reduced margins due to operational inefficiencies
In addition, six in ten respondents in the study acknowledge a need to boost employee skill level on the technical or business side of data management and analysis. Sixty-six percent of firms plan to invest in training for current employees, while 43 percent signal intent to hire new workers with data-specific expertise.