Pitney Bowes Software Survey Reports 80% of Executives Still Looking for the Business Value of Big Data
January 22 2013 - 8:45AM
Business Wire
A survey by Pitney Bowes Software on Big Data reveals that the
journey from big data to business value has just begun. Of senior
executives, C-level, Vice Presidents and Presidents surveyed in the
U.S., 80% report that getting value from their data is a challenge
at their organization. When asked their biggest challenge to
extracting value from big data, the response most selected at 35%
was that there is too much data and too few resources. In addition,
38% of respondents reported that the lack of analytics capabilities
and skills is the biggest inhibitor to gaining business value from
Big Data.
Technology research firm Gartner has increased its forecast for
worldwide IT spending in 2013 to $3.7 trillion.1 According to the
DMA, global advertising expenditures will grow 4.7% to $480 billion
in 2012. Both spending projections will be largely driven by Big
Data initiatives.
Increased IT and marketing spending on Big Data will likely be
invested in staffing to gain business value from the ever-building
volumes of customer data. As technologists, analysts and marketers,
we have plenty of data, but we’re not very good at analyzing the
data and reporting on the insights, trends and best next actions.
In short, the business value is not yet rising up from the
abundance of data.
One executive surveyed reported a need to “build skills to make
use of the data.” Another concurred by stating they must “manage
unstructured data and get automated value from it.”
“Many of our clients gain business insight by centralizing the
data analytics teams to develop best practices and consistent
reporting across the enterprise,” said Pitney Bowes Software
President John O’Hara. “In addition, organizations should resist
the temptation to continue one-off customer data exercises for each
marketing campaign. By repeating like data analytics exercises over
time, brands create relevant conversations and long-lasting
relationships with their most lucrative clients and consumers.”
Pitney Bowes recommends the following best practices for
strategic planning around data and spending:
- Demonstrate the business value of every
data project or exercise to senior executives.
- Focus spending on staffing with
advanced analytics and reporting skills.
- Think about whether centralizing data,
data management, and/or data analytics will help deliver business
value.
- Create and nurture the discipline of
repeating like data analytics exercises over time to measure
changes in business results and client or consumer behavior over
time.
About Pitney Bowes Software
Pitney Bowes Software provides multi-channel solutions that
leverage data to create relevant dialogue between organizations and
their customers. These solutions enable lifetime customer
relationships by integrating data management, location
intelligence, sophisticated predictive analytics, rules-based
decision making and cross-channel customer interaction management
to increase the value of every customer communication while also
delivering operational efficiencies.
Pitney Bowes Software is a wholly-owned subsidiary of Pitney
Bowes Inc. (NYSE:PBI), a customer communications management
technology leader. For more information, please visit
www.pb.com/software and www.pb.com.
1 Gartner, Inc., Forecast Alert: IT Spending, Worldwide, 4Q12
Update, John-David Lovelock, January 2, 2013.
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