Modern businesses are faced with a number of opportunities and challenges as data available to them continues to grow bigger in volume and complexity. While some organizations might feel reluctant exploring the power of Big Data due to their resistance to change and traditional mindsets, a number of firms are investing in Big Data Analytics to get an edge over their competitors.
Forbes Insights conducted a global survey of over 300 executives and interviewed them regarding their plans to invest in Big Data analytics and other technologies. The survey sample was comprised of CIOs, data scientists, chief technology officers, chief analytics officers, chief data officers, and other professionals. All of these executives belonged to organizations earning over $500 million in annual revenues.
The survey results showed that majority of these million-dollar firms are ready to invest in data analytics or already reaping the benefits of Big Data. The CIOs and other executives that were interviewed in the survey expressed their intention to use Predictive Analytics to cope with the dynamic market conditions and changing customer preferences.
Retail companies like Cabela’s and Target reported that they are using data analytics technology to develop more targeted marketing campaigns to engage and retain their customers. One of the surprising findings of the survey was the fact that even manufacturing companies are ready to embrace this technology and use it for improving their workforce productivity and efficiency.
In order to make the most of this evolving technology, businesses must realize that they need to invest in the right talent, technology, and tools – assets that can extract the maximum value from Big Data and improve the company’s bottom-line. The market is highly competitive, and companies must speed up the investment and implementation processes to stay ahead of their competition.
This article was written from content originally published by Forbes Insights – “Betting on Big Data: How the Right Culture, Strategy and Investments Can Help You Leapfrog the Competition”.