Majority of firms confirm they are too slow at acting on data
While an overwhelming majority of corporate decision makers think processing and acting on data as quickly as possible is important, more than 80 percent admit they need to do that more quickly than they currently do, and nearly three quarters still rely primarily on antiquated batch data processing.
Those are among the notable findings of a new survey by Dimensional Research sponsored by Streamlio, a provider of a streaming data platform. Dimensional surveyed 307 decision makers worldwide in May and June 2018 as part of its research.
Even industries known for quickly acting on data said they can do better, with 95 percent of financial services and 86 percent of technology companies saying they want to act on data more quickly.
More than 90 percent of companies are investing in technology to bridge the gap, with almost 40 percent making “significant investments.” The top challenges include difficulty making changes to existing solutions and infrastructure (53 percent), finding people with the required skills (48 percent), and scalability (45 percent).
“What became clear in our survey is that nearly every company recognizes how critical it is to put data to use faster and have current initiatives driving immediate demand for fast data,” said Diane Hagglund, principal researcher at Dimensional Research. “What also jumped out is the tangible business benefits from speeding up data processing, with more than half highlighting increased customer satisfaction and new business applications.”