Big data is helping businesses increase revenue, but there are still challenges in managing data, a survey has found.
The global survey by Avanade, a business technology solutions and managed services provider, found that 73 per cent of 569 business executives and IT leaders surveyed had used data to increase revenue.
"Big data has gained a top spot on the agenda of business leaders for the real value it has begun to create," said Tyson Hartman, Avanade, global CTO and corporate vice president.
"Today, the technologies and skills used to leverage big data for business purposes have reached a tipping point - new types of data supported by better tools to leverage it, enable companies to find financial and competitive benefits from their data."
Fifty-seven per cent of companies said that in the past 12 months more technology options had became available to help analyse and manage data. Companies were also now embedding data management throughout their business operations, the survey found.
However, companies still reported challenges in managing data. Employee mobility, cloud computing, and social networking were making the data deluge more challenging, the report found. The majority of respondents reported that employee mobility (73 per cent), cloud computing (65 per cent) and social networking (61 per cent) were all causing their company to rethink its data management strategy.
Eighty-five per cent of respondents still reported obstacles in managing and analysing data, including being overwhelmed by sheer volume to data security concerns to not having enough dedicated staff to analyse the data. The majority of stakeholders (63 per cent) also felt their company needed to develop new skills to turn data into business insights.
"The challenges of big data remain, but the opportunities are even greater. Business leaders are moving from defense to offense in their data management strategies. Forward-looking companies are empowering more people across the enterprise with the tools and skills needed to make better business decisions and ultimately, harness the power that big data promises," said Hartman.
Read Avanade’s report.