Growth in collected data volume has not been met with increased processing, staff or tools. Instead, businesses believe they are losing considerable revenue.
While Big Data is essential for revenue growth, its role in business is often misunderstood - it requires industry-specific strategy to improve operational effectiveness and customer experience. Oracle’s survey, the Oracle Industries Scorecardfrom last month, asked North American executives about the role of Big Data within their companies. Many of the surveyed companies believe that they are not reacting in timely fashion to data they collect, and are not prepared for a “data deluge,” where the level of data they receive suddenly doubles. This inefficiency and unpreparedness will cost enterprises dearly in lost revenue and lost opportunities.
Companies are unprepared to face the “data deluge”…
The data deluge will come to companies - most are already experiencing it. Data volume has increased by 86 percent in the last 2 years for North American businesses, and on the whole companies are unprepared. This increase in data collection comes to companies mostly in the form of customer information (48 percent), operations (34 percent) and sales or marketing (33 percent). Despite this increase in data collection, 92 percent of businesses do not have a robust strategy. - 29 percent give their company a D or F in data deluge preparedness, and only 8 percent gave themselves an A.
… Often because they do not have correct systems in place
Companies most often are finding trouble with implementing Big Data because “systems are needed to gather data,” and they need a way to “put it in the right hands.” Others complain that their systems are not equipped for the specific needs of their industry. These problems translate into lost revenue - 14 percent annually on average - due to not being able to properly use collected information. Companies with revenue over $1 billion annually consider their lost revenue to be 13 percent - $130 million annually as a result of unsatisfactory Big Data support.