Big data: 80% of organizations can't measure ROI
Nov. 28, 2012 -- Although many enterprises say they are facing challenges in measuring ROI of "big data," most organizations are committed to big data projects, according to a new study commissioned by Connotate. The recently released report, "Big Data Attitudes and Perception," found that only 12 percent of 800 surveyed C-level executives, content managers, data analysts ad technology professionals said big data "just wasn't worth the value to the organization."
Measuring ROI is proving to be a challenge with 80 percent of respondents noting that it was either not possible or too early to measure return on investment. Despite that figure, nearly 50 percent of organizations said they are using big data for competitive monitoring. Other uses include brand monitoring (40 percent) and obtaining pricing and product information (38 percent). Two out of five respondents said they are launching big data programs to create new revenue-generating data services.
What is Big Data?
When asked to define big data, more than 20 percent of respondents did not know or could not decided what big data means. "The results among those that did select a definition revealed a shift from last year," Connotate wrote in a release. "More respondents now include Web content as an integral part of the big data picture -- implying a blurring, if not a dismantling, of the traditional boundaries around the enterprise information storehouse."
In terms of challenges, the top hurdle cited (nearly half of respondents) was the manpower needed to collect and analyze data. Volume of information was cited by 23 percent of respondents as the greatest challenge.
More than 70 percent of respondents reported using search engines to address big data. Web data extraction and monitoring tools and methodologies was cited by 55 percent of participants.
To view the full report, click here.
By Elizabeth A. Reid
Photo credit, with thanks: Connotate