big data

Companies appreciate big data but struggle with huge information volumes (Photo:(istockphoto thinkstock)

Making better use of big data provides huge potential for productivity improvement, according to a global survey of senior corporate executives.

The poll, carried out by the Economist Intelligence Unit on behalf of consultants Capgemini, found that big data is becoming increasingly important for companies' planning and decision making.

Companies that have used Big Data analytics have seen a 26 pc improvement in their performance over the past three years. And they expect an even bigger 41 pc performance boost over the next three years.

"The research confirms a growing appetite among organizations for data and data-driven decisions, despite their struggles with the enormous volumes being generated," Capgemini said in the introduction to the report. "Nine in 10 of the executives polled feel that the decisions they've made in the past three years would have been better if they'd had all the relevant data to hand."

The executives polled cited as a major issue the need to analyze data and act upon them in real time. They also expressed concern about data quality, governance and consistency. In addition, 56 pc of executives polled cited organizational silos in their companies as a major obstacle to the effective use of Big Data.

Capgemini stressed the opportunities provided by Big Data analytics. Big Data coupled with the analysis of external data "will generate the biggest opportunities for differentiation over the next five to 10 years," the consultants predicted.

The poll was conducted in February 2012 and 607 executives were interviewed worldwide.

The Capgemini report can be downloaded at: