Enterprises now leading the move to analyze big data report transformative effect
Companies and organizations that have started to implement formal data management strategies are inclined to derive more value from data assets and outperform its competitors, according to a recent survey conducted by the Economist Intelligence Unit (EIU), a leading research and advisory company providing country, industry and management analysis worldwide and part of the Economist Group. The survey, which is entitled 'Big Data: Harnessing a Game Changing Asset,' was sponsored by SAS, the leading provider of business analytics software and services.
The survey shows that only 18 per cent of 586 senior executives surveyed worked at organizations committed to collecting and analyzing data via a well-defined data management plan. Among those strategic data managers, 64 per cent put nearly all that data to good use. When asked about how their performance fared over competing companies, 53 per cent of those same executives said their financial results bested those of the competition while 36 per cent of those without a data plan made the same claim.
"A well-defined data management plan, which systematically collects and analyzes key data, is much more strongly associated with success than a disjointed data strategy," said Jim Davis, SAS Chief Marketing Officer and Senior Vice President. "Nearly half of respondents said data management strategy is sponsored by the CEO or another C-level executive, underscoring data as a strategic corporate asset."
The survey strongly reflects the message that big data, which is the use of business analytics to develop insights from massive databases, changes everything as growing enterprise data volumes threaten to overwhelm organizations that lack a broad data management plan. The survey also clearly shows that most companies understand the value of big data, yet some struggle to exploit it. In fact, 45 per cent of the respondents pointed out that the biggest barriers are the presence of too much data but with too few resources.
"With corporate data doubling yearly, optimizing information management to prepare big data for business analytics is imperative in today's hyper-competitive business environment. The increased use of data has made the information technology function more strategic to the business, according to 53 per cent of respondents. Big data harnessed effectively via big data analytics can transform companies," said Davis.
The strategic use of data over the past five years has completely changed the way we do business, said 23 per cent of organizations with formal data management strategies. Even in the entire pool of respondents, including non-strategic data users, 39 per cent shared they use data to drive strategy.
"Data provides transformational insight, but not by just sitting there. Pulling value from data requires business analytics - comprehensive technologies that manage data, analyze it and deliver insights for improved decision making," concluded Davis.
The demographics for the SAS sponsored survey were:
GEOGRAPHY:
North America (31 per cent), Europe (31 per cent), Asia Pacific (28 per cent), Latin America (6 per cent), Middle East and Africa (5 percent)
COMPANY SIZE:
48 per cent less than USD 500 million (US) revenue and 38 per cent more than USD 1 billion annual revenue
INDUSTRY:
Financial services (13 per cent), Professional services (11 per cent), Manufacturing (11 per cent), Technology (10 per cent) and Health Care (8 per cent)
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About SAS
SAS, the leader in business intelligence and analytical software and services, has delivered proven solutions that have helped drive innovation and improve performance to customers located at over 50,000 sites around the world. Established in 1976, SAS has recorded consistent revenue growth and an unwavering dedication to helping customers make better, fact-based decisions. The success of the company is reflected in its presence in our everyday lives; from the roads we travel, mortgage loans we purchase to the brand of cereal you eat and the mobile phone plan you select. SAS has helped organizations across all industries realize the full potential of their greatest asset: data. The company has made major strides in the move to transform data about customers, performance, financials and more into key information and predictive insight that lays the groundwork for solid and coherent decisions. That's why SAS is used at more than 50,000 sites in over 100 countries, including 93 of the top 100 companies on the 2010 FORTUNE Global 500® list. Empowerment is the key to success and SAS has given its customers the ultimate advantage -THE POWER TO KNOW®.
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© Press Release 2011
