In 2015, a study by the Business Application Research Center sought to find how just how effective the implementation of big data techniques has been in some of the biggest companies in the world. This infographic by our friends at Colourfast summarises the key outcomes of the study. It also makes for an interesting visual for anyone using or considering using it in their company. Over 40% of companies around the world use significant information analytics but the results are mixed for a variety of reasons.
The problems which surround Big Data.
All companies who do use this type of data want to make their company more efficient. The reasons such data initiatives are sometimes successful has nothing to do with its power itself. Rather it is all to do with how analysts implement it.
Big data initiatives are failing because of inadequate analytical and technical know-how. There are also issues surrounding data privacy. It is vital that analysts don’t make mistakes when using this type of data. It seems that companies simply do not have the staff of the required skill level to deal with the complexity of it.
In companies where research initiatives are a part of integrated business processes, senior management is the primary driver. This makes a lot of sense as the directive to implement massive data initiatives isn’t going to go from the bottom up. Instead, senior management needs to make employees at every level of the company understand the importance of using big data analytics.
If employees aren’t sufficiently skilled, managers would need to seek new employees. Companies can, of course, train and develop their current employees to see how capable they are. However, in reality, many of them won’t have the hard skills required to make effective use of it.
For more information on this popular buzz word which not many people understand, here is the infographic.