Assessing the Big Data Market and Addressing Challenges
While most businesses recognize the growing importance of real-time access to actionable data, few have actually reached their data-related goals. Even fewer can claim to be anywhere near the point of engaging in a big data initiative.
According to CompTIA research, fewer than 1 in 5 businesses report being exactly where they want to be in managing and using data. Granted, this represents a high bar, but even when including those ‘very close’ to their target, it still leaves a majority of businesses with significant work to do on the data front.
With the adoption rate climbing, more channel companies today have a clearer picture on the numbers. They have assembled quantifiable tracking metrics on revenue and profit margin, which can serve as a guidepost for channel companies moving more slowly into cloud.
Interestingly, the research suggests a notable jump in the number of firms reporting proficiency with data management and utilization, which may be a reflection of greater corporate focus on data management as a result of the big data trend. This sentiment seems to be corroborated by the 78% of survey respondents that report feeling more positive about big data as a business initiative this year compared to a year ago.
One of the strongest arguments for investing in data initiatives stems from the data point: nearly 8 in 10 executives agree or strongly agree to the statement “if we could harness all of our data, we would be a much stronger business.”
While some businesses may have made progress in an area of data management, many have not fully ‘connected the dots’ between developing and implementing a data strategy and its affect on other business objectives, such as improving staff productivity, or developing more effective ways to engage with customers.
For IT solution providers or vendors working in the big data space, this should serve as an important reminder to connect data-related solutions to business objectives, emphasizing outputs over the nuts and bolts of the inputs.
CompTIA’s 2nd Annual Big Data Insights and Opportunities study was conducted in two parts. End user data was collected via an online survey in June 2013 among 500 U.S. business and IT executives responsible for technical or strategic decisions affecting data at their company. Channel data was collected via an online survey in April 2013 of 500 executives at U.S. IT firms, with most having some level of involvement in the IT channel. The complete report is available at no cost to CompTIA members who can access the file at www.CompTIA.org or by contacting firstname.lastname@example.org.
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