A recent Accenture study titled “Big Success With Big Data” tackled the question of data outcomes, and found that 1) businesses are overwhelmingly satisfied with big data, and 2) big data holds tremendous disruptive potential.
As much as those general statements might make you want to kick your feet up and relax, there are a few caveats to the overwhelming successes reported by Accenture. For any big data strategy to be successful, it has to have three key elements: you still need the right tools to manipulate it and drive value from it; you need to tailor it to your organization, and that takes time; and finally, data use has to extend beyond the strategy meetings.
Here are some key insights from the report.
Insight 1: You need the right tools.
Over 95 percent of survey respondents indicated they have used some outside help when integrating big data. But talent and tools are a challenge for even the most robust companies. When it comes to finding technology solutions, there is a lot of white noise to distract from what will actually make a significant business impact. Because of this, CIOs struggle to deliver the data value the CEOs want, when they want it. Business pros need the right tools to drive true business value with data.
Insight 2: Start small with big data, then scale.
Our friends at Accenture have simple big data advice: Start “local” and end “global.” Translation—you’ll be tempted to come onto your data hot and heavy and blanket it across the company. Don’t. Instead, start small and master data metrics, systems, and reports in one department before moving forward to the whole organization. This makes it easier to build business value without getting overwhelmed.
Accenture also noted that one global retailer implemented data in its marketing department before progressing through the rest of the enterprise. This allowed the company to identify best practices and isolate specific ways to generate more revenue. It takes some self-restraint, but scaling your big data strategy over time promises to pay even greater dividends.
Insight 3: Big data is for more than just strategy meetings.
According to the report, 92 percent of surveyed users were satisfied with the business outcomes of their data. Furthermore, a staggering 94 percent of respondents feel their big data implementation met their needs—but why?
To get the most out of big data, data outcomes should go beyond basic corporate strategy. Based on the report’s findings, successful big-data strategies incorporate data in revenue-generating activities like creating better customer relationships, better product development, more optimized supply chains, and more optimized business operations. The study revealed that one of the world’s largest package shippers reportedly spends $1 billion (yes, with a ‘b’) annually to store petabytes of data from every single point of its business operations. Its uses are diverse, but business professionals agree data delivers value far beyond the hype.
Get more out of your data with Domo.
Eighty-nine percent of respondents agree data will “revolutionize business operations in the same way the Internet did.” Most businesses can still glean far more value out of the data they already have—they just don’t know how.
Enter Domo, the ultimate management solution that helps businesses get more from their data. As a business leader you want the big picture from your data, but you might lack the expertise to get insights quickly and effectively. Domo uses powerful data visualizations, connections to all the data sources you could possibly need, and a confab of new technologies never before combined in enterprise software, all to deliver your business insights instantly.
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