The use of big data in corporate decision-making is increasing, according to consulting, technology and outsourcing services provider, Capgemini.
It said nine out of 10 business leaders believe data is now the fourth factor of production, as fundamental to business as land, labour and capital.
The statistics were released in Capgemini's new report, The Deciding Factor: Big Data & Decision making.
The study surveyed 607 C-level executives and IT leaders from Asia-Pacific, Europe, North America, Latin America, the Middle East and Africa, covering over 20 industries. Twenty-five per cent of the respondents were from Asia-Pacific.
The study indicated that the use of big data has improved businesses' performance on average, by 26 per cent and that the impact will grow to 41 per cent over the next three years. 58 per cent of the respondents claimed they will make a bigger investment in big data over these three years.
“The exploitation of big data fuels a step change in the quality of business decision making,” Capgemini global sales and portfolio director, Paul Nannetti, said.
Fifty-eight per cent of executives polled said they rely on unstructured data analysis – including text, voice messages, images and video content while over 40 per cent said that social media data, in particular, has become increasingly important for decision-making.
However, the vast majority (85 per cent) believe that the growing volume of data isn’t the main challenge, but rather, being able to analyse and act on it in real-time.
As organisations increasingly look to the output from analytics to automate decision making, data quality is seen as a major hurdle to this with two-thirds (67 per cent) claiming they struggle with data inaccuracy on a daily basis.
Respondents mentioned that the barrier of organisational silos (56 per cent) and the shortage of talent (51 per cent) are important challenge for companies wanting to make the most of big data.
“But it’s not only through harnessing the many new sources of data that organisations can obtain competitive advantage. It’s the ability to quickly and efficiently analyse that data to optimise processes and decision making in real time, that adds the greatest value,” Nannetti added.