From Overload to Impact: An Industry Scorecard on Big Data Business Challenges
IT powers today’s enterprises, which is particularly true for the world’s most data-intensive industries. Organizations in these highly specialized industries increasingly require focused IT solutions, including those developed specifically for their industry, to meet their most pressing business challenges, manage and extract insight from ever-growing data volumes, improve customer service, and, most importantly, capitalize on new business opportunities.
The need for better data management is all too acute, but how are enterprises doing? Oracle surveyed 333 C-level executives from U.S. and Canadian enterprises spanning 11 industries to determine the pain points they face regarding managing the deluge of data coming into their organizations and how well they are able to use information to drive profit and growth.
94% of C-level executives say their organization is collecting and managing more business information today than two years ago, by an average of 86% more
29% of executives give their organization a “D” or “F” in preparedness to manage the data deluge
93% of executives believe their organization is losing revenue – on average, 14% annually – as a result of not being able to fully leverage the information they collect
Nearly all surveyed (97%) say their organization must make a change to improve information optimization over the next two years
Industry-specific applications are an important part of the mix; 77% of organizations surveyed use them today to run their enterprise—and they are looking for more tailored options
THE VIEW FROM INDUSTRIES
Executives in the communications industry note they are most prepared to manage a data deluge, with 20% giving themselves an "A"
In contrast, public sector, healthcare, and utilities industries are least prepared to handle the data deluge – with 41% of public sector executives, 40% of healthcare executives, and 39% of utilities executives giving themselves a "D" or "F" preparedness rating
The communications, manufacturing, and retail industries lose the lowest estimated percentage of annual revenue from their current data management processes – 10%
The oil and gas and life sciences industries lose the greatest estimated percentage of annual revenue, 22% and 20% respectively, from their current data management processes