Enterprises are generating and collecting a massive volume of data on a daily basis. Theoretically, that big data should be a valuable source of information that can help companies to increase profits, expand their business, and optimize business processes and operations.
However, in various cases, big data gets overwhelmed for companies to handle and they fail to get meaningful insights from the data they have.
Earlier this month, big data company Syncsort released a new report showing that enterprises are having a lot of issues in gathering and utilizing big data analytics. According to the report, 68 percent of the polled found data siloing an obstacle when implementing big data analytics initiatives. As a result, only 25 percent set big data analytics their top priority for this year IT strategies.
The report pointed out that IT professionals were struggling to deliver data to corporate clients with data siloing being the main reason. Siloed big data is not available to the entire organization; therefore, it is impossible to analyze it at the corporate level. That leads to the inefficiency in collecting insights from big data.
Although enterprises understand the problem in data access, only nearly two-fifths of the participants planned to improve data access for decision making in 2019. Most of the respondents preferred IT solutions that help increase efficiency, improve customer experience, and save money.
The participants also shared the reasons for the concerning inadequacy in getting insights from big data. More than 50 percent of those polled recognized the lack of IT skills and talents to handle big data analytics as their major problems. Around 50 percent said that they didn’t have the necessary tools to transfer data to downstream apps. About 44 percent of the responses called out time shortage in data sorting. And more than one-third of participated companies admitted that they hadn’t invested enough in big data analytics.
The solution to address the problem with siloed data is to adopt data lakes. That is no secret to any IT professionals; however, only 9 percent of the businesses have been using data lakes for at least five years. Nearly one-fourth have adopted big data lakes for more than two years. And 23 percent are still considering data lake adoption.
The report suggested that enterprises should migrate to computing platforms to strengthen their big data analysis capabilities, especially in a world where data is being multiplied on a daily basis. The cloud will enable companies to analyze and deliver big data into application pipelines in a faster and more effective way.
The size of big data will grow more rapidly than ever; hence, the challenge of handling big data will only get more complicated. If businesses fail to leverage emerging technologies like cloud computing, analytics, or machine learning to exploit big data, they are wasting the opportunity to win the market. Big data in particular and technological advances, in general, are only powerful when they are properly put to use.