New York, NY, October 23, 2012 –Big Data will drive mainstream management strategy and executives slow to embrace it will lose competitive advantage to those who aren’t, according to just-released findings from a recent survey conducted by industry information consultancy, Knowledgent. The survey of 100 IT, financial services, insurance, life sciences and other industry executives shows that while respondents believe Big Data will unleash the next big wave of business innovation, a bottom-up approach within organizations will drive the impact.
When asked whether Big Data will elevate data-driven management practices from ‘best-practices’ into the mainstream, forcing business leaders to “embrace the paradigm or be replaced by others who do,” 83% of executives surveyed agreed. Another 71% of those surveyed said Big Data will unleash mass innovation leading to a positive impact on GDP in the next two decades as process automation did in the last three decades through productivity improvements.
However, while the majority of executives agreed that Big Data would have an enormous affect on the way they manage their organizations and on macro economic growth overall, they were more measured in their outlook on the pace of adoption cycles.
For instance, 95% agreed the value release promised by Big Data will occur bottom- up. The real value will not come from one big insight that is transformative, but from a lot of small insights that provide operational level improvements for customers and in the areas of product and risk management. This suggests an environment favorable to innovation around how Big Data-based changes can be implemented, how funding for Big Data initiatives can be structured and how quickly the market for Big Data products and services can be made to grow.
Knowledgent’s survey also confirms that unlike digitally born businesses, skepticism among traditional enterprises remains prevalent in the Big Data discussion, with 72% of respondents agreeing with the assertion that “for the most part Big Data is a solution looking for a problem,” meaning enterprise clients are still looking for business cases to justify expenditures on the technology. Finally, 74% of executives held the common view that significant consolidation over the next three to five years will reduce the over 100 small technology and service contenders in the market today to only a handful of survivors.
Of the executives surveyed by Knowledgent, 40% identified themselves as working in IT, 30% in financial services, and 30% in insurance, life sciences and other industries. The survey was conducted online for three weeks ending October 19th, 2012.
For more information about Knowledgent and its services, please visit www.knowledgent.com and/or contact Leslie Arturi at leslie.arturi@knowledgent or 646-398-5170.
Knowledgent is a purpose-built Industry Information Consultancy that provides advanced Information Management and Analytical (IM&A) solutions with industry-specific specialization in Financial Services, Life Sciences, Healthcare and Commercial markets. Knowledgent is founded with the mission to help an enterprise become more information centric. We chose this mission because while information has been recognized as a strategic corporate asset, its importance has now reached an inflection point: corporations that don’t learn to innovate through information and compete on analytics will be left behind by those that do. That’s because the extreme volumes of data exhaust now being generated by systems, machines and the Internet represents an unexplored ocean of data with unlimited potential of mining insights that can be used for instructive predictions about products, markets, customers and human behaviors.
Knowledgent is a first-in-category firm, built from the ground up to combine IM&A advisory and delivery capabilities with vertical domain knowledge. While the core capability of our firm is comprised of competencies that address business & IT strategy, business analysis, program management, information management, and big data analytics, the context in which we approach any problem is the vertical industry of our clients.
For more information about Knowledgent or this release, please contact Leslie Arturi at leslie.arturi@knowledgent or 646-398-5170.