Companies whose CEOs are "personally" involved in Big Data projects are seeing greater yields from their data.
Big Data analyses can mean a very competitive advantage for companies. But this is not news. More and more companies are gradually adopting these strategies to add more value to their critical decisions.
In fact, according to a survey by Forbes Insight, prepared for Teradata, two out of every three managers claim that these data analyses are already having a "significant" and "measurable" effect on their companies' earnings.
However, it is worth noting one common factor shared by companies with a very positive view of Big Data: half of them have CEOs who take a "personal" interest in Big Data projects.
One of the turning points is the establishment of a "dialog" between data scientists and business leaders. We only need to look at the opinions of both groups with regard to their companies' actions in Big Data projects. More than half the executives believe that their companies have significant data analysis capacity, and yet only 8% of the scientists feel the same way.
This disparity highlights the lack of dialogue. Would they all be able to answer the following questions? What volume of data is the company collecting? What is the commercial value of these data? How much does it cost to store and manage this information? How often are the algorithms updated?
What are the main obstacles?
One of the greatest challenges is to change a company's strategy to adapt to the changes taking place in the digital age. Nowadays data and the knowledge they provide have become a priority, and this is affecting the activities of many company departments that have to share data.
Adapting to this type of applied initiatives in an organization's strategy is one of the main problems.
These are the challenges highlighted by the respondents:
- Adapting and improving a data-based strategy 51%
- Leveraging data to improve the customer experience 47%
- Encouraging a culture that rewards the use of data 43%
- Highlighting the value of creativity and experimentation with data 43%
- There are no significant cultural challenges 10% Strategic
The strategic challenges facing a company adopting Big Data:
- 48% highlight the value of data in business decision-making based on their analysis
- 43% flag up the role of data in designing a company strategy
- 43% point out that Big Data strategies help to focus resources and obtain a greater range of points of view
- Data visualization is a valuable asset according to 41%