Infotech Lead Asia: Big Data is yet to generate strategic value to majority of CIOs at enterprises.
A Cisco survey says 28 percent of enterprises surveyed are currently generating strategic value from their data.
60 percent says that Big Data will help improve decision making and increase their competitiveness.
READ THE FULL REPORT ON 2012 Cisco Connected World Technology Report (CCWTR) HERE
CIOs and enterprises face challenges to extract strategic value from their data, according to the Cisco survey called 2012 Cisco Connected World Technology Report (CCWTR).
While most enterprises are collecting, storing and analyzing data, the report reveals that many are struggling with both the business and IT challenges of Big Data.
Respondents in China (90 percent), Mexico (85 percent), India (82 percent), Brazil (79 percent) and Argentina (78 percent) the most confident in Big Data project benefits.
Over two-thirds of IT managers agree that Big Data will be a strategic priority for their companies in 2013 and over the next five years as well. Scores were highest in Argentina (89 percent), China (86 percent), India (83 percent), Mexico and Poland (both at 78 percent).
More than a third (38 percent) say that although they have a Big Data solution, they need a strategic plan to take advantage of Big Data.
27 percent said data security and risk management is a major concern. They cited the volume of data, the number of ways to access data, and lack of budget for security as the top reasons why securing data in Big Data projects is such a challenge.
Security concerns were most prevalent in China (45 percent), India (41 percent), the U.S. (36 percent) and Brazil (33 percent).
Together, lack of budget (16 percent) and lack of time to study Big Data (14 percent) are cited by a third of respondents as their main obstacles.
23 percent said the lack of enough IT staff (13 percent) or Big Data staff expertise (10 percent) as main issues, especially in Japan (31 percent) and Brazil (30 percent).
More than half of the IT respondents believe Big Data will affect increase their organizations’ IT budgets now and in the future based on technology, personnel and expertise requirements.
Over half the respondents expect Big Data strategies to increase their IT budgets in 2013.
57 percent say Big Data will increase their budgets over the next three years.