Budget has been cited by 54 percent of Australian executives as the greatest challenge they are facing when it comes to implementing big data in their organisation, research by Accenture has revealed.
According to the Big Success with Big Data report (PDF), other challenges that Australian organisations are facing when it comes to big data include integration with existing systems, security, and the lack of talent to run big data and analytics on an ongoing basis.
As a result, this is impeding on the rate of adoption of big data by Australian organisations. In fact, only 58 percent of Australian executives believe big data provides a significant source of value for their organisation, which is significantly behind the global average of 82 percent.
Additionally, Australian organisations are far less likely to use big data as a way of remaining competitive — 34 percent, compared to 58 percent of global respondents.
"There is a clear disconnect between the confidence Australian leaders have in big data solutions, and the value these solutions can deliver, particularly as organisations look to become more digital," said Michael Pain, Accenture Analytics lead for Australia.
Pain continued: "There is a direct correlation between leadership support and big data success. So for Australian organisations to drive real business outcomes, there needs to be alignment and investment in big data solutions at both a strategic and operational level."
A similar result has been reported by Forrester Research in its Asia-Pacific companies embrace customer analytics report. It showed that while 60 percent of Asia-Pacific technology decision makers prioritise the use of data and analytics to improve their business, they still lag in their understanding of customer analytics, and lack the skills and ability to execute it.
The same respondents said big data would assist them in making better-informed business decisions, improve customer interaction and satisfaction, and help them monitor, improve, and optimise process performance. This correlated with data that showed that prioritising the use of data and analytics to improve business decisions and outcomes has rapidly increased from 49 percent in 2013 to 60 percent in 2014. At the same time, 45 percent of decision makers expect their investments in advanced analytics purchases, projects, and initiatives to increase by 5 percent or more in 2014.
The Accenture report showed that currently, those Australian organisations that are using big data have managed to identify new sources of revenue, retained and acquired customers, and developed new products and services.
Looking forward, when the executives were asked the area in which they expect big data to have the biggest impact on their organisation in the next five years, 66 percent of them said "changing the way we organise operations", 62 percent mentioned customer relationships, and 52 percent believe it's in product development.