By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: How to Achieve Big Success from Big Data [INFOGRAPHIC]
Share
Notification Show More
Latest News
ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence
How Big Data Is Transforming the Maritime Industry
How Big Data Is Transforming the Maritime Industry
Big Data
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Big Data > How to Achieve Big Success from Big Data [INFOGRAPHIC]
Big Data

How to Achieve Big Success from Big Data [INFOGRAPHIC]

Datafloq
Last updated: 2014/09/19 at 9:18 AM
Datafloq
5 Min Read
SHARE

Big Data offers huge potential for any organisation in any industry. This is what always has been said and the past years Big Data has been hyped enormously. However, a new study carried out by Accenture revealed that companies with Big Data experience are satisfied with business outcomes and that Big Data is revolutionizing the way companies do business.

Big Data offers huge potential for any organisation in any industry. This is what always has been said and the past years Big Data has been hyped enormously. However, a new study carried out by Accenture revealed that companies with Big Data experience are satisfied with business outcomes and that Big Data is revolutionizing the way companies do business. In fact, 92% of the companies surveyed are fully satisfied with the business outcomes of their Big Data initiatives. In addition to that, 94% of the companies surveyed reported that their implementation is meeting their needs. Starting with developing a Big Data project therefore pays off for organisations.

Of course, that is not a surprise as combining different, external and internal, data sources provides you with great insights. Implementing a Big Data project is not easy however. On average such a project takes 18 months to complete and offers ample opportunities to fail. According to the Accenture research the top five challenges for a Big Data strategy are security, budget, lack of talent to implement, lack of talent to run and integration with existing systems. These challenges are quite straight forward:

  • Security: there have been many different data breaches and combining different data sources can be difficult and complex to keep secure for the outside world. Too often large companies have been hacked and personal data has been stolen. Getting this right is difficult;
  • Budget: planning the budget for a Big Data project is difficult because of the many unknowns. Which technology to use, how to use it, what to implement on premises or what to use from the cloud. All questions that impact your budget;
  • Lack of talent to implement and run: This is a major issue for any organisation. Big Data talent is scarce and therefore expensive. Companies that want to move forward with Big Data should think of this carefully. There are several options available ranging from hiring consultants, working with a SaaS solution or training your own staff;
  • Integration with existing systems: many organisations have legacy systems that need to be incorporated. In addition, many organisations have their data in silos across the organisation. Getting this fixed and integrating new Big Data technology with existing systems is a challenge.

The survey also shows that larger organisations are more positive about the results of a Big Data project than smaller organisations. This does not mean however that Big Data is less interesting for smaller organisations. On the contrary; smaller organisations might have less data, but Big Data is not so much about the volume of the data at hand, but a lot more about combining different data sets. In order to get results from Big Data, you do not need petabytes or more of data. Instead, it is all about combining data sources that provide you the insights. As mentioned before, I like to call this Mixed Data.

More Read

How Big Data Is Transforming the Maritime Industry

How Big Data Is Transforming the Maritime Industry

Utilizing Data to Discover Shortcomings Within Your Business Model
Small Businesses Use Big Data to Offset Risk During Economic Uncertainty
The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
Analytics Changes the Calculus of Business Tax Compliance

In the end, Big Data, or Mixed Data, offers ample opportunities for organisations. That’s also revealed once more by this survey. 89% of the businesses surveyed believe that Big Data will revolutionize the way business is done. Therefore, it is wise to start with you Big Data strategy as soon as possible.

 

I really appreciate that you are reading my post. I am a regular blogger on the topic of Big Data and how organizations should develop a Big Data Strategy. If you wish to read more on these topics, then please click ‘Follow’ or connect with me viaTwitter or Facebook.

You might also be interested in my book: Think Bigger – Developing a Successful Big Data Strategy for Your Business.

This article originally appeared on Datafloq. 

Datafloq September 19, 2014
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai software development
Key Strategies to Develop AI Software Cost-Effectively
Artificial Intelligence
ai in omnichannel marketing
AI is Driving Huge Changes in Omnichannel Marketing
Artificial Intelligence
ai for small business tax planning
Maximize Tax Deductions as a Business Owner with AI
Artificial Intelligence
ai in marketing with 3D rendering
Marketers Use AI to Take Advantage of 3D Rendering
Artificial Intelligence

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

How Big Data Is Transforming the Maritime Industry
Big Data

How Big Data Is Transforming the Maritime Industry

8 Min Read
utlizing big data for business model
Big Data

Utilizing Data to Discover Shortcomings Within Your Business Model

6 Min Read
big data use in small businesses
Big Data

Small Businesses Use Big Data to Offset Risk During Economic Uncertainty

7 Min Read
data-driven approach in healthcare
Analytics

The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots
ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?