By Allie Philpin
There’s no getting away from it; Big Data is here to stay! How you deal with that data and how you harness the benefits is now key to not only keeping up with your competitors, but also moving ahead of them. According to Tata Consulting Services Big Data study, 47% of respondents haven’t, as yet, started a Big Data initiative. Another survey carried out by the SAS Institute revealed that 21% of their respondents felt they didn’t know enough about Big Data to make a judgement, and 15% don’t know or aren’t aware of the benefits of Big Data. Research a few other surveys and you’ll generally get similar answers.
For any size organisation there are benefits to utilising the Big Data generated; indeed, IBM’s Global CFO Study 2010 indicated that companies who learnt from their Big Data could outperform their competitors financially by 20%, and more! This is backed up by McKinsey who have reported that organisations could potentially increase their operating margins, through the use of Big Data, by as much as 60%! But capturing and storing this Big Data is one thing, turning it into useful information is ultimately the goal and it’s the information-centric enterprises that are starting to pull ahead of their competition.
In SAS’s survey, it is reported that 37% of managers still use their gut instinct to make decisions rather than data analytics. So how do you make the change? Well, it comes down to initiating a shift in culture within organisation and supplying employees with the right tools with which to search, analyse and utilise that data and turn it into useful information, and create the right strategic process for decision-making.
Big Data has and is affecting every department of the company and to accommodate and deal with it, organisations are finding they have to re-structure and develop new processes. But changing the culture of the organisation into an information-centric organisation that can base their decisions on the information gathered from their Big Data is a much bigger ask. This could be a reason why few organisations are taking up the challenge of Big Data management and reaping the benefits; without doubt, at some point in the future, this will change as companies begin to learn about and understand the benefits of Big Data, and want to reap the rewards. But remember, any cultural shift has to be led from the top down; if your CEO isn’t convinced that taking this major step in re-structuring and re-shaping the organisation is worth it, then your employees on the shop floor won’t accept it either!