Big Data Trends | Strategies driving investments in data

imgresLast year, IDG published a study 2015 Big Data and Analytics, Insights into Initiatives and Strategies Driving Data Investments that was based on interviews with 1,139 IT leaders from nine industries with high tech (16%), government (12%), financial services (11%) and manufacturing (9%) being the top four industries surveyed.

 

Key findings Infographic:

Below are a few key take-aways, the report is embedded at the bottom of this post:

  • 80% of enterprises surveyed have data-driven and big data projects in implementing or planning stages today versus 63% of SMBs. 37% of enterprises have deployed data-driven projects in the last year, and 18% are in the process of implementing or piloting projects as of today.
  • 83% of organizations prioritized structured data initiatives as critical or high priority in 2015, and 36% increased their budgets for data-driven initiatives.
  • Improving the quality of decision making (61%), improving planning and forecasting (57%) and increasing the speed of decision making (51%) are the three most common business goals and objectives driving data-driven initiatives in organizations today. The following graphic compares which business initiatives are driving big data investment and the positive impact of big data on each.
  • 36% of enterprises expect their IT budget allocations for data-driven initiatives increased in 2015, 41% anticipated budget levels would remain at current levels and 21% aren’t sure. Only 3% say data-driven and big data-related project funding will decrease.
  • Data analytics continues to accelerate as the most preferred solution for gaining greater business insight and value from data, with this category increasing in importance 55% from 2014 survey results. In enterprises, data analytics (65%), visual dashboards (47%), data mining (43%), data warehousing (40%) and data quality (39%) are the five most preferred solutions. In my discussions with CIOs in financial services and manufacturing companies, the shift away from pre-built dashboards with common metrics and key performance indicators (KPIs) to the flexibility of defining their own data models in metrics is the future. Dashboards in financial institutions need to have the flexibility of quickly integrating entire new metrics and KPIs as their business models change. For manufacturers, the need for interpreting shop floor data to financial results is what’s driving data analysis and dashboards in the many manufacturing industries adopting analytics today.
  • The number of enterprises who have deployed/implemented data-driven projects increased 125% in the last year, with 42% still planning data implementations as of today. The following graphic from the study illustrates a comparison of 2014 and 2015 plans for considering, planning and implementing data-driven projects.

 

View the report here:

Download the IDG Report: 2015 Big Data and Analytics, Insights into Initiatives and Strategies Driving Data Investments

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