“Today, even the most basic items like water pipes can generate and provide data. While the Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage,” added Mulani.

More than 60 percent of executives said their companies have successfully completed a big data implementation, while 36 percent haven’t pursued a big data project yet and are currently not pursuing such a project. Four percent were currently pursuing but hadn’t finished their first big data project.

Where Big Data Drives Business Benefits

According to the research, executives said their companies use big data moderately or extensively to: identify new sources of revenue (94 percent), retain and acquire customers (90 percent), and develop new products and services (89 percent).

This is also where the research indicates many enterprises are seeing big business impacts. Executives noted extensive tangible business outcomes from big data in finding new sources of revenue (56 percent), new product and service development (50 percent), winning and keeping customers (47 percent), and enhancing the customer experience (51 percent).

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