Companies are still scrambling to manage ongoing data growth even as they pursue projects designed to generate more value from the data they already have. For many, even keeping pace remains a challenge.
According to a new IDG Enterprise survey of 1,139 IT decision makers, interest in big data continues its steady rise. More than half (53%) of respondents are currently implementing or plan to implement data-driven projects within their organizations in the next year -- a 6% increase from 2014 -- and a further 8% are considering doing so.
Healthcare outpaces all industries in terms of implementing, planning or considering data-driven projects over the next year. And the larger the company, the more likely it is to have a data-driven project in the planning or implementation phase, and the more it intends to spend.
At the same time, the amount of data being managed continues to skyrocket. The number of companies handling between 1TB and 9TB of data is dropping by 7%, and those breaking the petabyte barrier is increasing by 4%.
Many companies are getting results from their big data investments, with 29% reporting improved quality of decision making and 28% pointing to better planning and forecasting. Other benefits include:
- Developing new products, services and revenue streams
- Better customer acquisition and retention
- Significantly better coimpliance with regulatory requirements, particularly in healthcare, government, financial services and education sectors
Challenges
Budgetary limitations, the top problem for the past two years, is now taking second place to the skills gap. But despite IT budgets that are holding steady or even rising, 15% of respondents aren't planning on hiring for big data skill sets in the next 12 to 18 months, and another 17% are unclear whether they will or not.
Security is another uneven spot. Two-thirds of respondents say their existing products and policies provide adequate data security, but 18% say they don't and another 16% say they're unsure.
Another problem area is the quality of existing products; some 40% judged existing products and services as excellent or good, but 44% called them adequate or poor. Pricing models also came under fire, as did the area of industry-specific expertise.
For more information about the survey, including ownership and leadership of data-driven projects, download the free five-page executive summary (PDF).