Success through Big Data

As a new study from Xerox shows, a large majority expect knowledge drawn from Big Data to positively impact their return on investment (ROI) within twelve months of implementation.

More than half of the participating companies (56 percent) are already seeing business benefits from Big Data. On behalf of Xerox, Forrester Consulting conducted a survey of 330 senior-level business leaders in five Western European countries.

This study revealed that it is mostly poor data quality and lack of data literacy that stand in the way of potential business transformation using Big Data.

"CEOs understand that rooting data-driven knowledge holds great potential for the business, however, the ground is still quite rocky"

Says Craig Saunders, Director, Analytics Resource Center, Xerox Consulting and Analytics Services.

Big Data is key to many decisions in 2015, with three-fifths (61 percent) of companies surveyed saying decisions made during the next year will be based on data-driven knowledge rather than factors such as gut feeling, opinion and experience.

Inaccurate data can be costly: 70 percent of organizations are still dealing with inaccurate data sets in their systems. 46 percent believe that these data sets, some of which are unusable, negatively impact their business and are in urgent need of revision.

Data security and privacy: 37 percent of respondents said that data security and privacy are among the biggest challenges when implementing Big Data strategies.