EMC and Capgemini survey reveals how vital big data is to organisations.
Capgemini and EMC have released the results of a global big data survey that shows that 65% of respondents are at risk of becoming uncompetitive unless they embrace new data analytics solutions.
The report, ‘Big & Fast Data: The rise of Insight-Driven Business’ also showed that 63% believe that big data is changing traditional business boundaries and allowing new providers to move into ‘their’ industry.
Over half (53%) said that competition is expected to come from data-enabled start-ups, which suggests that using big data analysis is key to both success and survival of businesses.
John Brahim, Head of Capgemini Insights & Data global practice, said: "We have reached an inflection point in the market."
"Information is at the heart of every business decision and companies need to fully embrace the opportunities of Big Data or risk losing out in the market place."
"Our research has identified that while some organisations are using Big Data to reduce cost and improve existing performance, others are using it to drive into new markets and ultimately to monetise data in its own right."
"Every enterprise must now define a path to become an insight-driven business. We have designed a core set of guidelines and created underlying frameworks that will help enterprises to go on the journey to get insights at the point of action everywhere."
"We believe it is this approach that will ultimately be a game-changer for enterprises and entire industries."
The survey shows that 59% of respondents recognise that data is becoming a core component of market value.
This is also reflected in the boardroom as shown by 32% of companies having already introduced or in the process of introducing new C-level roles for data management.
Other findings from the report show that 54% believe that investment in big data over the next three years is likely to outstrip past investment.
The business changing effect of big data is reflected in the survey which shows that 43% of organistions have already or are in the process of restructuring in order to exploit new big data opportunities.
However, issues with developing fast insights with big data was reported by 52% as being hampered by the limitations in the IT development process. While 77% state that decision makers require data in real-time.
Paul Maritz, Pivotal Chief Executive Officer, EMC Federation, said: "Compelling user experiences and new business models in the digital age are fueled by the dramatically increasing availability and usage of data."
"Businesses across the spectrum need to realise that the ability to not only rapidly ingest, reason over and rapidly react to multiple sources of data, but to build the insights gained into the fabric of what they do."
"Those entities that don’t develop this capability are at very high risk of disruption. This means that businesses need to invest in the people, skills, tools and modern platforms as a matter of urgency."
The survey took in responses from 1,000 C-Suite and senior decision makers from North America, South America, Europe and Asia Pacific.