Big Data can help companies in Asia Pacific improve revenues by almost 25% or more, a survey by Hitachi Data Systems Corporation (HDS), a wholly owned subsidiary of Hitachi Ltd said today. HDS has projected about $250 billion revenue increase among 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 limited data-capital ‘budget’ that prevents them from realizing the full potential of the information they hold,” said Neville Vincent, Senior Vice President and GM, 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.”
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 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.