Blog

Executive Survey Finds Backing for Big Data Projects Continues to Rise

Sep 20, 2013

“Big Data” has achieved rapid adoption in the large corporate world. Corporate executives are driving new initiatives tied to critical business strategies and C-level executives are seen as essential sponsors. Organizations are still focusing on the “3 V’s” but are thinking about velocity as the time it takes to get an analytical result. Enterprises are looking at new roles, like the chief data officer, and processes to ensure successful adoption.

These are among the principal findings of NewVantage Partners 2013 Big Data Executive Survey, conducted during July 2013.

The 2013 survey highlights that a robust 91 percent of executives responded that their organization has a Big Data initiative planned or in progress. Of these, 60 percent of executives report that at least one Big Data initiative has been implemented, with 32 percent of executives reporting that Big Data initiatives are fully operational, in production or have been operationalized across the corporation. Clearly, Big Data is becoming a major reality within corporations.

The principal findings of the 2013 survey capture a series of trends and themes that are borne out by the survey respondents:

Investment in Big Data is accelerating. Organizations are getting behind Big Data, as evidenced by significant investment commitments. The 2013 survey indicates that 68 percent of executives expect that their organizations will invest greater than $1 million in Big Data in 2013, with this number rising steadily to 88 percent by 2016. Investments in Big Data of greater than $10 million are projected to rise sharply from 19 percent in 2013 to 50 percent by 2016, with investments in Big Data of greater than $50 million more than doubling from 6 percent in 2013 to 14 percent by 2016.

The survey showed that there are different rates of adoption depending on the industry. For example, health care and life sciences firms in a nascent stage of investing in Big Data initiatives — in sharp contrast to financial services firms. (Executives from financial services made up 75 percent of the survey respondents.)

Executive sponsorship seen as critical to business adoption. Executive sponsorship is perceived as the single most important factor that will be critical to ensuring successful business adoption within large corporations, with 83 percent of executives citing this as a critical factor. When questioned about where executive sponsorship is coming from, executives cited Chief Information Officers, Chief Technology Officers, and Chief Analytics and Risk Officers as the primary drivers within large corporations.

It’s now about variety, volume, and analytical velocity. One year ago, most executives cited the need to integrate a greater variety of data sources as their primary requirement. The 2013 survey indicates a near equal distribution among integrating more data sources, analyzing larger volumes of data, and analytical velocity – the speed by which organizations can obtain answers to critical business questions.

Accelerating Time-to-Answer is key to business success. The biggest factor in ensuring business success, cited repeatedly by executive respondents, is the ability to make better, fact-based decisions, and to realize this ability by accelerating the speed with which organizations can gain insight and answer critical business questions. The ability to accelerate Time-to-Answer is a metric for business success.

Organizations are looking at New Roles and Processes to ensure Successful Adoption. Large corporations are defining or considering new roles, such as establishing a Chief Data Officer, with 48 percent established or considering, and implementing new processes and organizational structures to ensure successful business adoption.

New technologies are fast becoming essential to Big Data execution and utilization. Big Data database management technologies like Hadoop, Aster, and Netezza, and analytics solutions like SAS, Tableau, and Revolution R are gaining adoption as corporations invest in a technology foundation to support their Big Data efforts.

Conclusion: What’s Different About Big Data
The value of improved data and analytics is not new to most businesses. Organizations have been utilizing data and analytics for several decades in a quest to gain insight, identify correlations, and provide decision makers with timely answers to critical business questions.

Big Data differs from traditional approaches in the quantum leap in affordability, scale, and variety of analytics it can support. This leap lowers the “transaction cost” of using analytics and data, providing ready access to data and insights across the corporation.

Companies are radically expanding the scope, scale, and impact of data and analytics in their day-to-day business processes and decision-making, realizing the power of their information assets.

The capabilities of Big Data allow companies to revisit their assumptions about how data and analytics can improve – or even transform – their business.

A business-driven approach of rethinking existing processes – coupled with open-minded “what if” experimentation will likely reveal practical, actionable opportunities to create significant business value.

By Randy Bean and Paul Barth

This post originally appeared on DataInformed here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Boston | New York | San Francisco | Austin | Charlotte
© 2019 NewVantage Partners. All rights reserved.