A global report by Capgemini in partnership with EMC Corporation, reveals that amid the market disruption being driven by Big Data, two-thirds of organizations (65%) acknowledge they are at risk of becoming uncompetitive unless they embrace new data analytics solutions.
The report, ‘Big & Fast Data: The rise of Insight-Driven Business’ surveyed over 1,000 C-suite and senior decision makers across North America, South America, Europe and Asia-Pacific to understand the need and enterprise readiness for Big Data adoption.
According to 64% of enterprises surveyed Big Data is changing traditional business boundaries and is enabling new providers to move into their industry. Over one quarter (27%) reported competition from new players in other industries, while a majority, (53%) expect to face rivalry from data-enabled start-ups. This suggests that mastering the management and analysis of Big Data is now key not just to success but also to business survival.
John Brahim, Head of Capgemini Insights & Data global practice said, “We have reached an inflection point in the market. Information is at the heart of every business decision and companies need to fully embrace the opportunities of Big Data or risk losing out in the market place. Our research has identified that while some organizations are using Big Data to reduce cost and improve existing performance, others are using it to drive into new markets and ultimately to monetize data in its own right. Every enterprise must now define a path to become an insight-driven business.”
Data-driven insights are fundamental to business performance
There is widespread recognition that the data which organizations hold is becoming a core component of market value (59% of respondees). This is also reflected in the boardroom, with almost a third of companies (32%) having already introduced or in the process of introducing new C-level roles for data management. Further findings from the report show:
- 54% say that investment in Big Data over the next three years will outstrip past investment
- 61% acknowledge that Big Data is now a driver of revenues in its own right and is becoming as valuable to their businesses as their existing products and services
- 43% organizations already have or are currently restructuring in order to exploit new Big Data opportunities
- 36% of respondents say that due to the strategic importance of Big Data, they have had to circumvent IT teams to carry out the necessary data analytics required to gain business insights
- Over half (52%) of respondents reported that developing fast insights from data was hampered by limitations in the IT development process
- Accessing Big Data faster is where C-suite executives see the most value – 77% state that decision makers increasingly require data in real-time.
Paul Maritz, Pivotal Chief Executive Officer, EMC Federation, said, “Compelling user experiences and new business models in the digital age are fueled by the dramatically increasing availability and usage of data. Businesses across the spectrum need to realize the ability to not only rapidly ingest, reason over and rapidly react to multiple sources of data, but to build the insights gained into the fabric of what they do. Those entities that don’t develop this capability are at very high risk of disruption. This means that businesses need to invest in the people, skills, tools and modern platforms as a matter of urgency.”