Data Execs Thinking Big, Worried about Security, Skills

Another industry survey has concluded that big data is helping global companies identify new revenue sources while developing new products and services. But a majority of executives responding to a survey by consulting firm Accenture Analytics also said they remain concerned about data security and a growing lack of data analytics talent.

New York-based Accenture said its study was based on a survey of C-level information, data, analytics, operations and financial officers from 19 countries and seven industries. “They’re recognizing that big data is one of the cornerstones of digital transformation,” Narendra Mulani, senior managing director at Accenture Analytics, noted in a statement releasing the big data survey.

Accenture found that fully 92 percent of big data executives and technologist surveyed are leveraging big data in the business operations and are so far satisfied with the results. Eighty-two percent of respondents agreed that big data added value to their company.

In one example, a British utility told Accenture interviewers it is processing sensor data from water lines in real time to anticipate equipment failures and respond faster to leaks such as water main breaks that tend to increase in cold weather.

Those types of big data applications are expected to expand as the Internet of Things, expanding networks of connected devices and infrastructure, begin to generate torrents of sensor and other unstructured data.

Based on these survey results, “companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage,” Mulani claimed.

That lesson is apparently sinking in. The survey found that more than 60 percent of respondents said their companies have completed a big data implementation. By contrast, only 36 percent said they have yet to pursue a big data project. Only four percent were currently pursuing but hadn’t finished their first big data project.

Among the Accenture survey’s other key findings were that big companies with more than $10 billion in annual revenue are better at big data. The survey found that large organizations tend to approach big data differently, starting with more focused initiatives “rather than trying to do everything at once,” the report noted.

But challenges abound, including lingering concerns about data security and a looming big data skills gap. Security remains the biggest concern, with 51 percent of respondents citing data breaches as their biggest challenge. Forty-seven percent cited budget concerns while 41 percent said they were concerned about a lack of talent to implement big data initiatives.

Indeed, a recent big data salary survey found greater mobility among data scientists who were attracting high salaries from competitors and larger retention bonuses from current employers.

“We’ve seen organizations overcome big data implementation challenges by remaining flexible and recognizing that no single solution suits every situation,” added Accenture Analytic managing director Vince Dell’Anno. “If a particular approach doesn’t work, organizations quickly try another one, learning as they grow. They also start small and stay realistic in their expectations. Rather than attempting to do everything at once, they focus resources around proving value in one area, and then let the results cascade from there.”

Download the Accenture Analytics survey here.

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