Big Data Analytics a Mystery to 4 in 10 Businesses

August 10, 2012

This article is included in these additional categories:

Analytics, Automated & MarTech | Data-driven | Social Media

mzinga-big-data-analytics-familarity-august2012.png42% of businesses are unfamiliar with big data analytics, according to [download page] August 2012 survey results from Mzinga, Teradata Aster, and The Center for Complexity in Business at the University of Maryland’s Robert H. Smith School of Business. Another 34% claim they are “just getting their feet wet” with big data and how to use it, while a further 9% claim to have so much data they do not know what to do with it. Just 15% appeared fully familiar, replying “Yes, I love big data.” Those results were even after the researchers clarified big data analytics as being the “tools, processes and procedures allowing an organization to create, manipulate, and manage very large and complex data sets (Web logs, XML, text, video, etc.).” Respondents were from a wide variety of professional disciplines and industries, including media, financial services, marketing, and engineering, among others.

Most Have Not Implemented Big Data Solutions

Of those respondents who identified big data as important to their businesses, 53% are unsure when they will invest in solutions that support big data. An enthusiastic 13% will do so this year, 25% in 2-5 years, and 3% in 5+ years. 7% believe that their social software vendors already provide sufficient support.

But not all businesses see the need for real-time big data analysis and insights. 45% see it as important, but not among their highest priorities. Another 20% do not know how important it is, while 15% see it as unimportant.

Still, 20% identify it as very important, and a strategic focus for their businesses, and companies like those credit big data technology for measurable benefits to their sales team, revealed an August Lattice Engines survey. Survey respondents with technology in place that enables sales reps to easily access internal and external information on prospects and gain insight from it reported a 56.3% win rate, compared to 48.8% for those without the technology. Similarly, respondents with such technology reported a higher proportion of representatives making quota than those without (65.7% vs. 62.9%).

Businesses Interested in Customer Insights, User Trends

Data from Mzinga’s “Social Software and Big Data Analytics in Business” indicates that businesses are relatively clear on which social interaction metrics interest them most. Asked the metrics they are most interested in, 26% indicated customer feedback and preferences, followed by user, behavioral and content trends (22%), and return on investment (ROI, at 19%). Tied for a distant fourth place at 6% are topic and event detection, and identifying influencers and rising stars.

About The Data: The survey was conducted online from March 13 to April 4, 2012 and drew more than 500 participants from a cross section of professional disciplines and industries, including media, financial services, consulting, marketing, human resources, engineering, and others. The Center for Complexity in Business at the University of Maryland’s Robert H. Smith School of Business, Mzinga, and Teradata Aster conducted the survey.

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