Companies will spend an average of US$7.4mn on data-related initiatives over the next twelve months , with enterprises investing US$13.8mn and small and medium businesses (SMBs) investing US$1.6mn, according to new Forbes report
According to the recent IDG Enterprise study 2015 Big Data and Analytics, Insights into Initiatives and Strategies Driving Data Investments, the methodology was based on interviews with 1,139 IT leaders from nine industries with high-tech (16 per cent), government (12 per cent), financial services (11 per cent) and manufacturing (nine per cent) being the top four industries surveyed.
Around 80 per cent of enterprises surveyed have data-driven and big data projects in implementing or planning stages today versus 63 per cent of SMBs. About 37 per cent of enterprises had deployed data-driven projects in the last year, and 18 per cent are in the process of implementing or piloting projects currently.
Big data adoption
Improving the quality of decision making (61 per cent), improving planning and forecasting (57 per cent) and increasing the speed of decision making (51 per cent) are the three most common business goals and objectives driving data-driven initiatives in organisations today. The following graphic compares which business initiatives are driving big data investment and the positive impact of big data on each.
Business benefits of analytics
Around 36 per cent of enterprises expect their IT budget allocations for data-driven initiatives to increase in 2015, 41 per cent anticipate budget levels will remain at current levels and 21 per cent are not sure. Only three per cent say data-driven and big data-related project funding will decrease.
Data-driven budget in financial year 2015
Data analytics continues to accelerate as the most preferred solution for gaining greater business insight and value from data, with this category increasing in importance 55 per cent from 2014 survey results. In enterprises, data analytics (65 per cent), visual dashboards (47 per cent), data mining (43 per cent), data warehousing (40 per cent) and data quality (39 per cent) are the five most preferred solutions. Dashboards in financial institutions need to have the flexibility of quickly integrating entire new metrics and KPIs as their business models change.
Security continues to be a major concern of enterprises implementing data-driven initiatives including those encompassing big data-related projects. Around 76 per cent of enterprises are restricting access to sensitive data to limited individuals, up from 52 per cent in 2014. From discussions with CIOs, the focus on enhanced role-based authentication and access is now commonplace in their organisations. Encrypting sensitive data (53 per cent), storing all sensitive data on premise (40 per cent) and storing sensitive data across multiple silos rather than centralise (23 per cent) are also becoming commonplace. The following graphic compares how enterprises are restricting access to safeguard sensitive data.
In 2015, enterprises are looking to hire more business analysts (23 per cent), data architects (23 per cent), data analysts (20 per cent), data visualisers (19 per cent) and database programmers (18 per cent).
To register for Big Data Analytics for Oil & Gas, please visit: http://www.oilandgasbigdata.com/register
