IDG Contributor Network: Why CEOs believe problem solving through data is the future of business

A recent statistic caught my eye: according to a study by IDG Enterprise, 53 percent of IT decision-makers report that their company is planning to implement a data-driven project, and specifically – a project with the goal of generating greater value from existing company data within the next year. [1] Within the same survey, 78% of respondents report feeling strongly that the analysis of big data could potentially fundamentally change the way their company does business, and 71 percent feel strongly that data will create new revenue streams and lines of business within three years. [1]

Now what makes this interesting to me is that at the same time, 90 percent of these same IT decision-makers surveyed report having directly experienced challenges in the use of such data – the same data that they predict will revolutionize the way their company looks at everything from business performance and revenue streams, to supply chain and HR. The major pain points are cited as data access and analysis (38 percent)), followed by data transformation (17 percent), data creation/collection (13 percent)), and migration issues (13 percent)). [1] At the same time as advocating data project spend, they have almost across the board experienced challenges in making their projects a successful reality.

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