The vast majority of global business executives want to enable more of their employees with better access to Big Data and the ability to analyze it in the context of other relevant data, according to a new global survey conducted by the Economist Intelligence Unit and sponsored by Alteryx, Inc, which sells analytics software.
The survey, summarized in the report Big Data and The Democratisation of Decisions, found that 77 percent of executives surveyed reported that more employees need to have access to Big Data in order to make informed decisions.
Considering the last big decision they made, 45 percent of companies surveyed thought they had not had enough big data and more than half said more sources of data would have helped bring about a positive business outcome.
The survey focused on how organizations can get more value from Big Data and what the specific outcomes would be if they did so effectively.
The key survey findings include:
- Business Growth through Customer Loyalty and New Markets – Customer service and retention and new market opportunities are the greatest areas for growth and potential business benefit from access to Big Data insights.
- The Need for Comprehensive Data and Context – When combined, Big Data and other sources of market and customer data can drive better market analysis and improved customer intelligence. Business leaders want their employees to analyze Big Data in the context of other relevant market information such as customer segment data and third-party market data.
- Speed is Vital – Some 63 percent of companies surveyed reported that if Big Data capabilities were to be expanded to more employees, the most important outcome would include better decisions being made faster.
“Companies are beginning to understand that Big Data isn’t just about high volume and velocity; it’s mostly about the ability to get at new sources of data that provide business value when analyzed in the context of all other relevant data,” said Rick Schultz , senior vice president, marketing, Alteryx.
“Big Data is extremely valuable to companies looking to solve their immediate decision-making challenges. Delivering the right data to the right decision maker in a way they can understand – no matter where that data lives or what form it takes – is crucial, and companies need to make this easier in order to get maximum value from Big Data.”
Increasing investments in Big Data and analysis
The report also highlights increased investment in enabling line of business employees with better access to Big Data and the ability to analyze it.
Over the next three years, 53 percent of companies anticipate increased investment in expanding Big Data decision capabilities to more employees. Already, nearly half (48%) of respondents said that someone other than the Chief Information Officer (CIO) drives Big Data processes.
“It’s about access but also about understanding,” said one survey respondent. “We all need to get better at amalgamating and analysing disparate data sources.”
Download a free copy of the survey on the Alteryx Website.
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