BOSTON--(BUSINESS WIRE)--NewVantage Partners, advisors and consultants to Fortune 1000 business and technology executives improving business insights with data and analytics, has released the results of its Big Data Executive Survey 2014: An Update on the State of Big Data in the Large Corporate World.
Survey respondents are Fortune 1000 senior business and technology executives who have a vested interest in the success of an organization’s data and analytics, and Big Data initiatives. This third annual survey by NewVantage Partners takes an in-depth look at the forces driving business investment in Big Data.
C-executives and business unit chief executives, representing top organizations including American Express, Aetna, Fidelity Investments, General Electric, Johnson & Johnson, Kaiser Permanente, Lincoln Financial, and Wells Fargo, comprised 42% of the survey respondents, providing compelling evidence that Big Data and analytics continue to be rapidly adopted within the corporate mainstream.
Executives report that their corporate investments in Big Data are projected to grow from 35% to 75% by 2017 for investments greater than $10MM, and by a remarkable 6% to 28% for investments greater than $50MM.
“Big Data was a new topic just a few years ago, with many companies grappling with its role in their organization,” said Randy Bean, CEO and co-founder of NewVantage Partners. “Now, Big Data is largely viewed as a mainstream activity that is an integrated component of how they do business.”
Key findings of the 2014 NewVantage Partners Big Data Executive Survey include:
1. Executives are invested in Big Data.
That senior corporate executives are invested in the success of Big Data is evidenced by the seniority and breadth of participation on this year’s executive survey. The participation of 125 senior corporate executives representing 59 Fortune 1000 companies and industry leaders demonstrates the level of commitment to Big Data from the top of the house. Executive C-suite sponsorship is perceived as critical to business adoption.
2. Big Data is Becoming Mainstream.
Leading corporations are making serious commitments to their Big Data and analytics initiatives. 67% of executives now report that they have Big Data initiatives running in production within the corporation. Investment in Big Data is increasing dramatically. Executives report that their corporate investments in Big Data are projected to grow from 35% to 75% by 2017 for investments greater than $10MM, and by an astounding 6% to 28% for investments greater than $50MM.
3. Business-IT Partnership is Key to Big Data Adoption.
Executives were in strong agreement that business-IT partnership is essential to the success of corporate Big Data initiatives. 88% of executives cited the importance of a strong business-IT partnership, with 77% citing business leadership and sponsorship, and partnership and organizational alignment as being the most critical factors in ensuring successful adoption of Big Data initiatives within the corporation.
4. The Chief Data Officer is an Emerging Role.
43% of executives report that their organization has established a Chief Data Officer (CDO) function. This represents a dramatic jump from 2012, when only 19% of executives reported that their organization had established a CDO role, and from 2013 where the number had grown only slightly to 26%.
5. Big Data is a Business Issue.
Executives see Big Data as providing significant business benefits – greater insight and learning, the ability to obtain answers and make decisions faster and in a more informed manner, greater agility and flexibility. Only 4% see technology selection as being critical to successful Big Data adoption.
In his foreword, Thomas H. Davenport, world-renowned thought leader in management practices and Data and Analytics, President’s Professor at Babson College, and author of numerous books including Competing on Analytics and his new book, Big Data at Work, notes:
“Big Data has entered the mainstream, with two-thirds of the respondents running a production application. Spending is up, and is expected to increase dramatically. Surveyed executives are bullish on the importance of Big Data to their businesses. Only 3% feel that it’s the ‘same old stuff.’ Everything is sunny in the world of Big Data.”
The level of mainstream adoption within just a few years has risen sharply. Only 4% of executives now report that no Big Data initiatives are planned or underway, in sharp contrast to the 67% of executives who report that Big Data initiatives now operate within a production environment within their organization.
“Our 2014 Big Data Executive Survey shows a remarkable surge in Big Data investment in the last three years,” said NewVantage Partners CEO Randy Bean. “The majority of executive respondents characterize Big Data as highly important or mission-critical to their organization, reflecting the value that organizations believe they can realize from Big Data initiatives. The term Big Data itself has become common enough to be used loosely, but the large corporate world takes its payoffs very seriously, as proven by this enormous jump in investment.”
About NewVantage Partners
Founded in 2001, NewVantage Partners provides expertise and guidance to Fortune 1000 business and technology executives who are seeking to leverage Data and Analytics to gain business insights, derive business value, transform critical business processes, and ensure successful business adoption and results. NewVantage Partners is based in Boston with operations in New York and San Francisco.
Visit http://newvantage.com for more information.