Survey: 'Big Data' Potential is Real but Current Usefulness is Limited

HOUSTON, May 26, 2016 /PRNewswire/ -- More than half the businesses participating in a global survey say big data is a huge opportunity, but only a small number are currently seeing any business gain from the concept.

The study was conducted by DNV GL - Business Assurance and research institute GFK Eurisko, and polled nearly 1200 professionals from businesses in Europe, the Americas, and Asia.

The promise of big data is unmistakable: 65% of companies surveyed are planning for a future where big data plays a significant role, and 76% plan to maintain or increase big data investments. Half of the companies interviewed have implemented at least one big data related initiative. In terms of business impact, 52% say that big data represents an emerging opportunity, but only 23% today have a clear strategy for capitalizing on it.

"Big data is in the earliest phase of market transformation," says Hans Groothuis, president of DNV GL – Business Assurance in North America. "Not unlike the pressure wave of the Internet in the late 90's, which changed the global economy forever. In this survey, the difference we see in potential vs. current value is actually a positive indicator of global businesses figuring out how to mesh big data concepts with existing business models."

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Signs of Market Transformation

Companies that are currently leveraging big data report concrete benefits from their efforts:

- 23% report increased efficiency, 16% see better business decision making

- 11% report financial savings

- 16% have improved customer experience and engagement

- 9% claim improved relations with other stakeholders

Looking ahead, 57% of businesses (57%) believe that big data will play a key role in the mid-term and are preparing for this (65%). A majority plan to maintain or increase investments (76%). They also plan significant changes for their workforce, by either developing specific in-house competences (47%) or working through dedicated partnerships (20%).

Survey Methodology and Survey Sample

The survey was conducted in early 2016 on a sample of 1,189 professionals who work at companies in different industries in Europe, The Americas and Asia. The sample consists of DNV GL customers and is not statistically representative of worldwide companies.

- 25% of the firms involved employ less than 50 people

- 52% from 50 to 1000 and 17% 1000 or more

About DNV GL

DNV GL is a world-leading certification body. We help businesses assure the performance of their organizations, products, people, facilities and supply chains through certification, verification, assessment and training services. Partnering with our customers, we build sustainable business performance and create stakeholder trust. The DNV GL Group operates in more than 100 countries. Our 16,000 professionals are dedicated to helping our customers make the world safer, smarter and greener.

SOURCE DNV GL

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