After a half decade of investment, and periods of trial and error, a near majority of business executives now report successful results from their Big Data investments.
According to NewVantage Partners 5th annual Big Data Executive Survey, 48.4% of corporate executives that were surveyed indicated that their firm has achieved “measurable results” from their Big Data investments.
Further, a remarkable 80.7% of executives now characterize their Big Data efforts to have been successful.
The survey highlights the challenges that major corporations still face as they seek to become more data-driven organizations:
- 5% of executives report that their organization has taken steps to create a data-driven culture, but only 37.7% report that these efforts have been successful to date. Among the obstacles;
- A majority of executives – 52.5% — report that organizational impediments, including lack or organizational alignment, business and/or technology resistance, and lack of middle management adoption are factors limiting the success of Big Data efforts;
- While 60.7% of executives report that their firm has developed an enterprise Big Data strategy, 18% report that their firm lacks “a coherent data strategy”.
Leveraging Big Data to Maximize Business Value
NewVantage helps clients leverage their data assets to realize business value:
- Gain business insights faster and with greater flexibility
- Transform critical business processes to be more nimble and cost-effective
- Ensure business value through successful business adoption and results.
Core areas of expertise include data strategy, data governance, data architecture, data integration, and business alignment and adoption.
The Value of Quick Wins
NewVantage believes that firms can accelerate business value through “quick wins” that demonstrate business value, build organizational support and momentum, and provide a foundation for innovation and long-term success.
- Rapid Assessment — Identify business drivers | assess current capabilities and gaps | define future state/use cases | develop and align execution roadmap and business case
- Proof of Concept — Establish an analytics sandbox using Big Data approaches | rapid design methodology |test and learn | iterate to refine value | fail fast and learn faster
- Business Value — Develop metrics to demonstrate business value | from pilot to production | communicate value | build organizational alignment to ensure adoption
NewVantage Partners Big Data Perspectives
- “Executives Report Measurable Results From Big Data, But Challenges Remain” – Forbes
- “Executive Survey: Big Data Has Been a Big Success” – DataInformed
- “Big Data And The Emergence Of The Chief Data Officer” – Forbes
- “Why Cultural Change Is Necessary For Big Data Adoption” – Forbes
- “Inside American Express’ Big Data Journey” – Forbes
- “For Big Data, It’s ‘Show Me the Money’ Time — Forbes
- “Variety, Not Volume, is Driving Big Data Initiatives – MIT Sloan Management Review
- “Just Using Big Data Isn’t Enough Anymore” – Harvard Business Review
- “How Time-to-Insight is Driving Big Data Investment” – MIT Sloan Management Review
- “The Big Data Business Adoption Journey” – Wall Street Journal
- “Overcoming Legacy Processes to Achieve Big Data Success” – MIT Sloan Management Review “Making The Case For The Long Tail of Big Data” – Wall Street Journal
- “How Big Data is Different” – MIT Sloan Management Review
NewVantage Partners Big Data Executive Survey
NewVantage Partners Big Data executive survey was first conducted in 2012 at the encouragement of a group of Fortune 1000 senior business and technology executives. The survey has received extensive national press coverage from leading national and business press, including The Wall Street Journal, Harvard Business Review, MIT Sloan Management Review, Forbes, and The Times of London.