Nearly everyone has heard about the concept of big data analytics. We often read about the benefits it will have, but these articles will often talk about the future and not so much about the here and now. How is big data being utilized as a means to grow companies as we go in to 2017?
Over 40% of companies worldwide use big data analytics but the results can vary. According to a study by the Business Application Research Center (BARC), companies who quantify their gains from data analytics reported an 8% increase in revenues and a 10% reduction in costs.
However, hardwiring the concept of data analytics in to the ethos of companies can be difficult and the main problem identified in the BARC study is inadequate analytical know-how. In other words, companies are identifying how beneficial big data analytics can be, but the staff don’t have the right skillset to incorporate the changes effectively. Data security is a big concern within this area and this reinforces the need for highly qualified technical staff with the skillset to secure a large amount of data effectively. The truth is that a lot of companies will need to hire new staff if they are to be successful using big data analytics.
An important point is that in companies where big data is thriving, it is senior management who is leading the way. This seems logical as if senior management isn’t supporting the use of big data analytics, how can you expect other employees in the company to do so? Having said that, it is also important to hand pick people at every level of the business to spread the big data message throughout the company.
Check out this infographic from Colourfast for more information about what your company needs to do to utilize the benefits of big data analytics.