Security, budget and a shortage of skilled professionals to implement and run big data are the top challenges for organizations
Ninety-two percent of executives from companies that are applying big data to their businesses said they are satisfied with the results, according to new research by Accenture. Eighty-nine percent of respondents rated big data as “very important” or “extremely important” to their businesses’ digital transformation, and 82 percent agreed big data provides a significant source of value for their companies.
“Businesses are at a transition point¬¬ where instead of just talking about the potential results that can be achieved from big data, they are realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations,” said Narendra Mulani, senior managing director, Accenture Analytics, part of Accenture Digital. “They’re recognizing that big data is one of the cornerstones of digital transformation.”
For example, using anonymized customer attributes and geolocation data from its WiFi access points, a Japanese telecommunications provider offers consumer companies a platform to target promising customers with mobile advertisements in real-time. Also, a British utilities company processes data in real-time from sensors in waterpipes to better anticipate equipment failures and respond faster to leaks and adverse weather events.
“Today, even the most basic items like water pipes can generate and provide data. While the Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage,” added Mulani.