The global study by BARC looked at whether companies have fully incorporated big data and what benefits it is having on the overall business.
Of the 559 survey respondents who are using or planning to use big data, 25% have already integrated big data in their marketing department and 25% are planning to incorporate it within marketing over the next 12 months.
In comparison, 23% of sales departments have integrated big data, with 27% of sales teams aiming to adopt it.
Finance and IT closely followed, with 23% and 21% currently using big data. Of those departments, 21% and 20% are aiming to implement data analysis within the next year.
At the bottom of the list are the logistics and human resources departments. Only 11% and 9% are currently using big data.
Big data benefits
The companies stated various benefits to incorporating big data into their everyday business.
Topping the list are better strategic decisions (69%), improved control of operational processes (54%), better understanding of customers (52%) and cost reductions (47%).
Businesses also reported, on average, an 8% increase in revenues and a 10% reduction of costs.
According to BARC, North American companies are significantly further ahead in their big data initiatives than their European competitors.
Twenty-eight per cent of the North American companies have already integrated big data initiatives into their business processes.
When including pilot projects, more than half (53%) of North American companies already have hands-on experience with big data.
In contrast, only 16% of European companies stated that big data is integrated in their business processes, and only 39% have practical experience.
Lack of know-how
But there are various difficulties that marketers run into when trying to incorporate big data.
Almost half of respondents (49%) named data privacy and 48% cited data security among their biggest problems in using big data technologies.
The second main issue is the lack of technical know-how for analysing big data.
A lack of analytical know-how was cited by 53% of respondents, while 48% reported a lack of technical expertise in their organisations.
As a result, 30% of companies with big data projects aim to create new jobs in these areas.
- The Festival of Marketing will host a stage dedicated to data & analytics. To find out more about the event and how to attend visit www.festivalofmarketing.com