Hitachi Data Systems Corporation, a subsidiary of Hitachi Ltd has announced research results revealing that almost half of the firms surveyed in Asia Pacific believe that big data can improve revenue by 25% or more, with HDS projecting a potential US$250 billion revenue increase among the more than 500 companies surveyed.
However, more than half of firms have made little or no progress in their big data strategies.
“Today, most organizations have a limited data-capital ‘budget’ that prevents them from realizing the full potential of the information they hold,” said Neville Vincent, Senior Vice President and General Manager, Asia Pacific, HDS. “Staff members long for more information and realize its revenue potential, but lack access to it. It is time for C-level executives to ensure cultural alignment throughout their organizations, and to treat data like a capital asset that can bring a significant impact to their business.”
The survey was conducted with over 500 business executives in Asia Pacific and the results show that the firms in the region have had limited success so far in implementing big data practices. While a third say they are well advanced, more than half say they have made only limited progress. Some 80% of front-line employees said that they believe improved access to data is critical, with only 19% able to access the data they need.
Despite the lack of progress, respondents believe in the ability of big data to improve their businesses: more than 70% say that it can deliver gains in productivity, profitability, and innovation.
The reasons for slow adoption of big data strategies are diverse. Respondents cite poor internal communication and information sharing as well as a lack of in-house skills and software. Nearly two-fifths say their company’s big data strategy has not been well communicated. The limited take-up also flies in the face of the wider belief that effective use of data matters; more than three-quarters believe it is critical to success.
Telecommunications (67%), consumer goods (57%) and financial services (52%) industries are leaders in recognizing that big data can greatly improve their understanding of customer needs. However, more than 60% of the firms in the financial services and consumer goods industries haven’t started any big data programs. Healthcare and life science are lagging further behind; 72% of them haven’t started any big data programs.