While data-driven insights are gaining attention from organizations, C-level executives are increasingly taking keen interest in exploring how data analytics translate into business value.
According to the special report by Economist Intelligence Unit (EIU), C-level executives have overwhelmingly positive attitudes towards big data and have high hopes on the way it will transform their business functioning.
Given below are some of the segments that were highlighted in the report.
Executives Are Positive About Big Data
The report has revealed the number of participants included in the research, but it has shown that the majority of the executives agree that big data has a vulnerable role to play in the organization’s future. The survey has also revealed that, about 48% believe big data is a useful tool, whereas 23% agree that big data will revolutionize the way businesses are managed.
But, when questioned specifically, as to, how big data analytics can guild decision-making: it was revealed that the biggest priorities were to increase sales (84%), improve efficiency (78%) and build customer loyalty (73%).
Executives Agree That Big Data Solutions Are Needed
Furthermore, about 67% of the executives said that their business functions would be substantially increased with an improved access to big data. Meanwhile, 75% of them feel completely satisfied for their level of understanding big data and are confident about its positive changes in the future of their organization.
The most interesting aspect of the report is that, a majority of them said that they would like to educate themselves about the technology behind big data tools.
Customer Processes Are Biggest Priority for Data Analytics
The most important areas that executives are interested in were in targeting customer insights and targeting (42%), financial planning and analysis (32%), sales and order fulfilment (29%).
Lack of Understanding and Lack of Agreement about Big Data have become the Primary Barriers to Implement Big Data
When asked about, what’s stopping them from implementing big data in to their business, 35% replied saying that they lack understanding how to apply big data. Whereas, another 33% said, they lack financial resources.