The benefits of analytics are fairly straight-forward. According to a recent KPMG survey of C-level employees, nearly all (97%) are already using data and analytics in some area of their business. Almost as many – 81 percent – are using analytics to better understand customers, according to the survey, Going Beyond The Data, Turning Data From Insights To Value. Just as important: Analytics are helping them make faster decisions, according to 86 percent of C-level employees. And four out of five say analytics help them make more accurate decisions. We have truly arrived squarely in the insight economy.
What’s your big data budget? According to research firm Ovum, take whatever your answer is and multiply it. A lot.
According to the firm’s most recent report, Ovum Software Market Forecasts: Information Management, 2015, the big data software market is expected to grow by nearly six times by 2019. In fact, it is expected to increase at a compound annual growth rate of 50 percent through 2019, making big data analytics – and, in theory, the data warehouses that store all that data – a necessary core capability for businesses across the globe.
Nearly nine out of 10 companies say they are undergoing a digital transformation, according to a recent report by the Altimeter Group, but the jury is still out on whether what they are doing is actually making a dent. In fact, it’s also unclear whether or not those investments are on track or simply investments for the sake of modernization. This is especially true since the road to transformation has many speed bumps — and one of the biggest is enabling cross functional collaboration and departmental collaboration.