Big Data and predictive analytics have sparked huge corporate interest, but staffing and IT challenges hinder rapid mainstream acceptance
According to our July 2013 survey of 386 IT and business professionals involved in the acquisition of BI and analytics solutions at their organization, companies of all sizes are investing in big data and predictive analytics techniques as a means of both growing revenue and controlling corporate costs. A majority of responding organizations have at least some regular utilization of analytics across business units or the company as a whole, with a decentralized format of spreading analysts throughout business units favored.
Companies report that it takes about 7.8 months to achieve quantifiable benefits, which about one fifth of respondents reported as longer than expected. However, the value of the project met or exceeded expectations of 90% of respondents who quantified benefits.
Most companies are in the early stages of implementing such advanced analytics, and many report critical IT specific and staffing challenges lie in their path. Data integration, quality, and security are the top IT challenges organizations face with respect to their business analytics initiatives. Additionally, organizations lack budget and report difficulties recruiting staff particularly those with advanced analytics skills, which can ultimately hinder their ability to derive timely ROI and business value from advanced analytics projects.