Recent research conducted by CA Technologies makes for interesting reading if you are an organisation considering implementing a business analytics or big data solution this year.
A whopping 84% of large organisations polled by CA Technologies have already, or plan to, implement a big data project within the next year. And spend on big data projects is set to increase from 18% of the IT budget, to 25% in the next three years.
This means that big data will soon be making up on average ¼ of all IT spend, showing that spend is moving away from solely infrastructure hardware and over to software and tools that traditionally sat on the periphery of IT budgets.
Despite this, respondents cited a number of major obstacles when it comes to deploying a successful big data solution for their organisations (in order of severity):
- Insufficient existing infrastructure
- Organisational complexity
- Security and compliance concerns
- Lack of budget and resources
- Lack of visibility into information and processes
For organisations that have overcame those obstacles, the benefits realised or anticipated for planned projects were:
- Improved competitive positioning
- Increased revenue
- Faster time-to-market
- More targeted marketing and selling campaigns
In fact, 90% of respondents said they were either experiencing or anticipated experiencing more targeted marketing and selling campaigns, demonstrating that big data is going to play a critical role in the defining of sales strategies, target customers and analysing client demographics.
Whilst the implementation of big data projects is increasing, so too is the amount of data being handled by organisations – creating further complexity.
The report from CA estimated that the amount of data coming into organisations has increased by 16% in the last 2 years and those companies that have already implemented a big data solution estimate that their BI tools are analysing over 2pb of data currently.
The key drivers for businesses looking to implement a business analytics program, tend to come back again to the sales and marketing side of operations:
- 60% said they were investigating big data in order to improve customer experience.
- 54% thought it would help with acquiring new customers.
- 41% said it would be crucial for keeping up with competition.
C24 recently published a report about how big data can impact on customer experience and satisfaction levels which covers how organisations can segment customer data to uncover business insights.
Read the full report from CA technologies here for further info.