Australian companies less satisfied with big data

Australian business leaders are less satisfied with the results of their big data initiatives than the global average, and more sceptical as to its benefits, according to Accenture.

A survey of Australian executives found that 78% are very satisfied or satisfied with the results of applying big data to their business, below the global average of 92%.

Only 58% of the nation’s executives believe big data provides a significant value to their business, compared to 82% globally.

Furthermore just 70% of Australian respondents rated big data as “very important” or “extremely important” to their company’s digital transformation, compared to the global proportion of 89%.

“There is a clear disconnect between the confidence Australian leaders have in big data solutions and the value these solutions can deliver, particularly as organisations look to become more digital,” Accenture Digital Lead for Australia Michael Pain said.

Australian organisations are nevertheless using big data to identify new sources of revenue (86%), retain and acquire customers (80%) and develop new products and services (80%).

Australian business decision-makers consider budget limitations to be the biggest challenges when implementing big data (54%), followed by integration with existing systems (48%), security (44%) and a lack of talent to devote to big data and analytics on an ongoing basis.

Accenture recommends that Australian organisations seeking to make the most of big data seek to operationalise the use of big data platforms, build a talent strategy, build big data into their customer experience agenda and educate the C-suite about the potential benefits.

Image courtesy of Ron Mader under CC