Most Big Data initiatives currently being deployed by organizations are aimed at improving the customer experience, a new global study released by IBM and the Said Business School at the University of Oxford revealed.
Yet, despite the strong focus on the customer, the study found that less than half of the organizations engaged in active Big Data initiatives are currently collecting and analyzing external sources of data, like social media.
In the survey, respondents questioned their ability to trust comments, reviews, tweets and other forms of freely offered opinions online. While uncertain, social media data still contains valuable information, and organizations need to embrace and manage data uncertainty and determine how to use it to their advantage.
Another reason that social media and other external data sources are being underutilized is due to the skills gap. Having the advanced capabilities required to analyze unstructured data – data that does not fit in traditional databases such as text, sensor data, geospatial data, audio, images and video – as well as streaming data remains a major challenge for most organizations.
Only 25% of the survey respondents said they have the required capabilities to analyze highly unstructured data – a major inhibitor to getting the most value from Big Data.
The study also noted that many organizations are struggling to address and manage the uncertainty inherent within certain types of data, such as the weather, the economy, or the sentiment and truthfulness of people expressed on social networks.
"Most companies recognize the potential for Big Data to improve decision-making and business outcomes across the enterprise. What they struggle with, however, is how to get started on their Big Data journey," said Michael Schroeck, global information management leader at IBM Global Business Services.
"Across industries and geographies, the survey found that organizations are taking a pragmatic approach to Big Data. While the majority of them are still in the early stages of adoption, leading organizations are beginning to derive significant value from their Big Data initiatives," he added.
Janet Smart, fellow in management at Said Business School, disclosed that the school is now working with colleagues across the University of Oxford to develop and support courses and research programs that will bring together world-class expertise on the analysis and application of Big Data.