Urgency For Big Data Analytics

The Growing Priority and Urgency for Big Data Analytics FACTS, STATISTICS AND RESEARCH Companies are making significant investments in their big data initiatives. Those doing it well are experiencing phenomenal returns. If you have not yet started your own initiatives, you risk being left behind. THE BIG DOLLARS BEHIND BIG DATA 73% Global spending on hardware, software, and services related to Big Data will grow to $114B by 2018. Spend on just the software will grow to of companies are investing more than 20% of their overall technology budget on Big Data analytics. Corporations currently average about $8 million in annual spending on big data initiatives. $59.2B in 2018. BIG DATA CONTINUES TO BE A TOP PRIORITY 31% Top/Highest Priority of Oil and Gas companies list Big Data analytics as one of their top three corporate priorities 56% w/in the top three priorities 87% 9% within the top five priorities 3% not a priority of enterprise organizations already deployed or plan to deploy big-data projects predict that big data will be in of small and medium businesses (SMBS) already deployed or plan to deploy big-data projects 70% 56% 74% mainstream use in at least one business unit or department. HIGH EXPECTATIONS FOR BIG DATA INITIATIVES WHAT ARE THE TOP BUSINESS DRIVERS FOR BI Improving the quality of the decision-making Increase the speed of decision-making 59% 53% process Developing new products/services and The vast majority of companies believe Big Data analytics will redefine the competitive landscape of their industries within the next 3 years. Improving planning and forecasting 47% 47% revenue streams WHAT ARE THE TOP BUSINESS PRIORITIES BI CAN HELP SOLVE IN THE OIL AND GAS INDUSTRY? Increase profitability through improved resource management 56% Meet or exceed regulatory compliance 50% Gain a competitive edge 50% Gain insight into equipment health for improved maintenance 47% Improve environmental safety and emissions 59% SUCCESSFUL ANALYTICS PROGRAMS BIG RETURNS FOR BIG DATA INITIATIVES THE IMPACT ON CORPORATE FINANCIALS ARE ALSO IMPRESSIVE Companies with successful analytics programs are proven to outperform their competitors and their own business goals. 1.6X Revenue Growth %24 2X as likely to be in the top quartile of financial performance within your industries 2.0X EBITDA Growth 5X times as likely to make decisions much faster than market peers 2.5X Stock Price Appreciation THE POTENTIAL PRICE OF NON-ADOPTION 3X Three times as likely to execute decisions as intended 89% believe that companies that do not adopt a Big Data analytics strategy in the next year risk losing market share and momentum. 2X as likely to use data very frequently when making decisions Case studies show that for every $1 spent on BI - $10.66 is made back. 75% of organizations that don't adopt Big Data will see some negative effect on their daily operations. LEADER AND LAGGARD TAKE DISTINCTLY DIFFERENT APPROACHES TO BUILDING AN ANALYTICS CULTURE EXECUTIVE CONCERNS ABOUT NOT HAVING A BI STRATEGY Competitor will gain market share at our expense Investors lose confidence that we can grow our business Products not competitively priced 51% 46% 51% 33% 40% 33% Our data can't be trusted If you are looking to make better, more informed and intelligent decisions and need assistance in starting or accelerating your big data or BI journey, Entrance Business Intelligence consultants stand ready to assist. Foster cross-functional collaboration & co-creation Enhance capabilities Increase confidence LAGGARDS LEADERS Sources: • Aberdeen Research • IBM Center for Applied Insights • IDC Enterprise Big Data Study, 2014 Nucleaus research Accenture GE and Accenture "Industrial Internet Insights for 2015" • IDC Worldwide Business Analytics Software 2014-2018 Forecast and Vendor Shares entrance