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C-Level Study Finds Organizations Want Tools to Turn Big Data into Big Insight
Though big data is a hot topic in today's boardrooms, a recently released Oracle report found that despite exploding levels of data, many industry organizations lack the tools to tap into its full value, resulting in a loss of incremental revenue that, according to respondents, averages 14 percent annually.
Titled “From Overload to Impact: An Industry Scorecard on Big Data Business Challenges," the report, which is based on surveys of 333 C-level executives from the United States and Canada, also found significant variations in preparedness across industries.
"The report underlined a clear need for industry-specific approaches to harnessing big data, and points to the need for tools such as Oracle Endeca Information Discovery that enable organizations to explore diverse and unstructured data, draw new insights, and make more-informed decisions faster," says John O'Rourke, vice president of product marketing, Oracle.
The Costs of Inaction
The survey found a massive rise in the amount of data organizations are collecting—an average increase of 86 percent over the last two years among the 94 percent of the C-level respondents who report increases.
Despite all that data, 93 percent of respondents believe their organization is actually losing revenue—on average, 14 percent annually—because they are not able to fully leverage the information they are collecting.
And almost all respondents—97 percent—believe their organizations need to make changes to improve their ability to harness big data. Particular points reported include
- Inability to translate information into actionable insight (43 percent)
- Lack of systems to gather the information needed (38 percent)
- Lack of training to help stakeholders make sense of information (38 percent)
- Inability to provide managers access to pertinent information (36 percent)
- Lack of systems designed to meet the unique needs of their industry (36 percent)
See More and Act Faster with Oracle Business Analytics
Oracle’s business analytics solutions are already helping organizations of all sizes, in a variety of industries, use big data to discover new ways to strategize, plan, and optimize business operations.
Oracle Endeca Information Discovery helps business users unlock insights from any source, such as exploring diverse and unstructured data to draw new insights, come to meaningful conclusions, and make more-informed decisions faster.
Oracle Exalytics In-Memory Machine delivers the fastest performance for business intelligence and planning applications, so business users can gain real-time insight that will help them respond to the increased pressure of rapid economic change.
Oracle’s extensive business intelligence solution portfolio delivers a powerful stack of high-performance analytics designed to handle the new challenges of big data, so users can analyze large volumes and varieties of data at the speed of thought.
Download the full report to learn more about big data and your industry.
Learn more about Oracle Business Analytics solutions.