A study from Unravel and Sapio Research found that around half of business leaders (49%) blame a lack of skills and experience in developing apps and analytics for big data, suggesting that most organisations are some way from realising big data’s business value.
Although 84% of respondents claim their big data projects usually deliver on expectations, only 17% currently rate the performance of their big data platforms as ‘optimal’.
There are stark differences between how managers and senior teams see their big data platforms: 13% of VPs, directors and C-suite members report their platform only meets half of its KPIs, but more than double the number of managers (29%) say the same.
When it comes to the top priorities for improvement, data analysis was cited by 43% of respondents, followed by data transformation (39%) and data visualisation (37%).
Meanwhile, the study also found that most businesses are not yet using big data applications to grow their businesses; the top four most profitable and effective uses of big data are currently cybersecurity intelligence (42%); risk, regulatory, compliance reporting (41%); predictive analytics for preventative maintenance (35%); and fraud detection and prevention (35%).
Unravel Data chief executive Kunal Agarwal said: “Most organisations have high hopes for what big data applications can do for them – and rightly so. But reliable performance is still some way off, which could delay the benefits businesses hunger after. The challenge now is to ensure the big data stack performs reliably and efficiently, so the next generation of applications, across analytics, AI and machine learning, can deliver on those aspirations.
“Only then might we see organisations flip their mindset from thinking of big data as fuel for defensive activities, like cyber-security and compliance, to seeing it as a catalyst for business growth.”