NEWS18 June 2014

75% of businesses yet to harness big data, despite increased investment

Features North America

US — 75% of businesses have yet to fully harness big data, despite increased investment in analytic services and technologies.

This is in contrast to the finding that 64% of businesses have increased their investment in analytic services and technologies in 2014, according to data management and analytics company Lavastorm’s annual survey of nearly 500 C-level executives, business analysts, data scientists and analytics professionals.

Other key findings were:

  • Nearly 73% of analysts are not currently using data tools, or do not know what big data tools are being used by their company (compared to 39% of data scientists)
  • Only 13% of respondents said their company had completed several big data projects that are now in production
  • 48% of respondents are working on data quality; an increase on the 27% recorded last year

“Yes, businesses are more committed to implementing big data analytics than ever before, but, far too many are still struggling with how to maximise the benefit,” said Drew Rockwell, CEO of Lavastorm. “These survey results underpin how investing in analytics is just the first step.

“It’s organisations that go the next level by removing complexities from the analytics process and empowering others in the organization, namely business analysts, that are going be able to turn data insights into actionable business enhancements for long-term success.”

The full report can be accessed here.