BOSTON--(BUSINESS WIRE)--NewVantage Partners, strategic advisors in big data and business innovation to Fortune 1000 businesses, has released the results of its 2017 5th Annual Big Data Executive Survey, entitled “Big Data Business Impact: Achieving Business Results through Innovation and Disruption.”
The 2017 Big Data Executive Survey reports what executives from 50 Fortune 1000 firms see as the key factors driving big data adoption, investment – and success. Survey respondents include top business and technology executives from such blue-chip firms as American Express, Biogen, Bloomberg, Capital One, Charles Schwab, Citi, Disney, Fidelity Investments, Ford Motors, General Electric (GE), JPMorgan Chase, MetLife, United Parcel Service (UPS), and Wells Fargo, among others.
“As a disruptive force, Big Data continues to be fueled by proliferating data volumes and new data sources growing at an unprecedented pace,” said Randy Bean, Founder and CEO of NewVantage Partners and prominent industry author and speaker. “But executives are bracing themselves for more disruptions over the next decade, and their focus on Big Data has turned to ensuring measurable results, tangible business value, and innovative benefits that will transform their business. That demand for concrete evidence is the central theme of our 2017 Big Data Executive Survey, and has yielded some very clear conclusions.”
Key findings of the 2017 New Vantage Partners Big Data Executive Survey include:
1. Executives report measurable results from Big Data investments.
Corporations
are achieving measurable results and business benefits from their Big
Data investments. That is the principal finding of the 2017 executive
survey. A strong plurality of executives, 48.4%, report that their firms
have realized measurable benefits as a result of their Big Data
initiatives. A remarkable 80.7% of executives characterize their Big
Data investments as successful, with 21% of executives declaring Big
Data to have been disruptive or transformational for their firm.
2. Cultural challenges still remain an impediment to successful
business adoption.
In spite of the successes, executives still
see lingering cultural impediments as a barrier to realizing the full
value and full business adoption of Big Data in the corporate world.
52.5% of executives report that organizational impediments prevent
realization of broad business adoption of Big Data initiatives.
Impediments include lack or organizational alignment, business and/or
technology resistance, and lack of middle management adoption as the
most common factors. 18% cite lack of a coherent data strategy.
3. Firms are focusing on opportunities to innovate -- while reducing
expense levels.
Firms are striving to establish data-driven
cultures (69.4%), create new avenues for innovation and disruption
(64.5%), accelerate the speed with which new capabilities and services
are deployed (64.5%), launch new product and service offerings (62.9%),
“monetize” Big Data through increased revenues and new revenue sources
(54.8%), and transform and reposition their business for the future
(51.6%). And, of course, 72.6% are seeking to decrease expenses through
operational cost efficiencies -- with 49.2% reporting successful results
from their cost reduction efforts as a result of Big Data investments.
4. Chief Data Officers will be expected to step up to lead the data
innovation charge.
A majority of firms report having appointed
a Chief Data Officer (55.9%). While 56% see the role as largely
defensive and reactive in scope today -- driven by regulatory and
compliance requirements-- 48.3% believe that the primary role of the
Chief Data Officer should be to drive innovation and establish a data
culture, and 41.4% indicate that the role of the CDO should be to manage
and leverage data as an enterprise business asset. Only 6.9% suggest
that regulatory compliance should be the focus of the CDO.
5. Big firms are bracing for a decade of disruptive change.
Executives
fear that disruption is looming on the immediate horizon. A robust 46.6%
of executives express the view that their firm may be at risk of major
disruption in the coming decade. They envision a future where “change is
coming fast” and it may be “transform or die”. In addition to Big Data,
these firms see disruption coming from a range of emerging capabilities,
including artificial intelligence and machine learning (88.5%), digital
technologies (75.4%), cloud computing (65.6%), block chain (62.3%), and
financial technology solutions (57.4%).
“If the survey respondents were celebrating the success of Big Data programs, they have no plans to rest on their laurels as almost half felt that their firms were at risk of major disruption in the next decade,” concluded Bean and NewVantage Partners Senior Fellow Tom Davenport, world-renowned thought-leader in management practices and data and analytics. “We’re not surprised—in fact we wonder why the number isn’t higher — and we look forward to learning how Big Data, new technologies, and organizational change will drive these successful firms to overcome potential disruptions.”
About NewVantage Partners
NewVantage Partners are strategic
advisors in Big Data and business innovation to Fortune 1000 businesses.
Since 2001, NewVantage Partners has helped this blue-chip roster of
leading companies and industry leaders leverage data and analytics to
drive innovation and business results. NewVantage Partners is based in
Boston with offices in New York, San Francisco, Austin, and Charlotte.
Visit http://newvantage.com
for more information.
