Businesses in Australia and New Zealand are not getting the results they hoped for from big data projects. Less than one in eight report success with big data strategies.
Among other issues they have trouble finding people with the skills needed to make sense of the technology. They also struggle as poor communications means company departments are unable to co-operate on the level needed to gather data for analysis.
The problems come to light in an Economist Intelligence Unit research paper sponsored by Hitachi Data Systems. The EIU reports a lack of in-house skills is the biggest barrier to adopting big data in Australia and New Zealand.
Companies also say a lack of suitable software and issues with over-complicated reports are problems.
The survey found nearly 40 percent of organisations don’t have a big data strategy because they can’t see a path around the skills and communications challenges.
Despite the drawbacks, respondents think big data can improve their businesses.
The report says 92 percent of businesses rely internal data, while 53 percent take data from third-party providers, 37 percent use social media sources for data insight.
Machine generated data is on the rise with 20 percent of companies using sensors, smart grid, RFID, network logs and telematics.