Greater visibility over internal processes is the Holy Grail of operational efficiency. Being able to see what is happening within your organization at any time means you can act upon and manage problems, or spot new opportunities. But, amazingly, most organizations still lack the support and solutions needed to make this a reality, according to a recent survey.
Although 95% of companies surveyed expect to experience benefits from the IoT in the next two years, a majority (65%) find that analyzing big data in real time is very difficult to achieve.
The survey by Vanson Bourne, commissioned by Software AG, also revealed that nearly 75% are struggling to get proper analytics from their current data flow. Most organizations understand that the effective use of data can help improve operational processes, but few are ready to actually use real-time analytics.
Why? It could be data overload.
With the recent explosion of data, especially as the Internet of Things (IoT) trend sweeps across the business world, 73% of organizations said they find analyzing the amount of data a major challenge.
Around 87% of respondents think that it is important to make operational decisions quickly, but 85% are still experiencing issues in doing so — because they are unable to utilize their data quickly enough. Only one quarter (26%) of respondents believe that their IT department is supporting their need for real-time analysis of data.
The study found that issues surrounding making quick operational decisions include missed revenue opportunities (41%), poor decision-making (37%) and the inability to predict future patterns (27%).
Although organizations want more data to achieve better insights, 97% are challenged by data they already have. And just one in five respondents is confident in the reliability, accuracy and completeness of their data.
It’s not that they aren’t spending the money to prepare; on average organizations have increased investment in the collection and analysis of data by 21% (from July 2013-July 2014). And by 2016 investments are set to increase by a further 23%.
In order to stay ahead of the competition, organizations have no choice but to continually identify ways to make smarter decisions and provide better services. Properly collecting, analyzing and making decisions based on real-time data is key to proactively preventing issues and improving procedures.
Without the right tools this is virtually impossible – the right solution can make the entire process easy, quick and accurate. Until then, full-visibility and real-time data analysis is just a dream.
Vanson Bourne surveyed 750 global respondents whose organizations have in excess of $500 million in annual revenue. To read through the complete report and to learn more about the methodology, please visit: LINK