Some of the world’s largest companies, like Apple and Google, are touting their achievements in the world of Big Data and working to innovate in the Internet of Things space. But new research from B2B technology firm EMC reveals that even some of the biggest conglomerates are drowning in data, unable to effectively analyze the information to their advantage.
Reports Sunday (May 24) said that EMC’s survey of 3,600 companies across 18 countries found that more than half (52 percent) admitted that they are not prepared to adequately analyze their data or that they are “drowning in information overload,” according to EMC country manager for the Philippines Ronnie Latinazo.
Perhaps most striking about these results is that even digital and technology firms are not necessarily adept for Big Data, even if they realize the importance of this information.
EMC also found that less than one third of companies surveyed are able to access information and data in real time. Nearly all businesses, however, acknowledged that data has changed customer expectations and the way businesses operate.
Researchers identified several characteristics of businesses that are considered “make or break” for a company to succeed. Nearly all of them, EMC said, involve data. Some of these attributes include the ability to predict new opportunities in markets, to demonstrate transparency, the ability to innovate in agile ways, and others.
No more than 15 percent of the businesses surveyed, however, said that they hold one of these attributes, with only 9 percent agreeing that their business has the ability to innovate in agile ways.
Businesses will need to address these shortfalls in their ability to utilize data to their advantage, researchers concluded, considering the massive influx of data predicted for the years ahead.