Are companies seeing any value to their investments in “big data”? I’ve been surveying executives of Fortune 1000 companies about their data investments since 2012, and for the first time a near majority – 48.4% — report that their firms are achieving measurable results from their big data investments, with 80.7% of executives characterizing their big data investments as “successful.”
How Companies Say They’re Using Big Data
And where they’re actually seeing value.
April 28, 2017
Summary.
Expense reduction is the most popular use of big data, as measured by the number of initiatives that are underway, with nearly one-half of all executives surveyed indicating that they have decreased expenses as a direct result of their investments in big data. However, big data isn’t just being used for cost-cutting. The survey strongly indicates that firms are also undertaking “offensive” efforts that are explicitly intended to change how they do business. Organizations still struggle to forge what would be considered a “data-driven” culture. At this point in the evolution of big data, the challenges for most companies are not related to technology.
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.