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Reports: Businesses aren't harnessing data well
According to DataFlux although customer data has been available in many forms and for many years the bulk of businesses still aren't harnessing that data to its full effect - a singular view of the consumer. In fact, only about 17% have gotten to that singular view. The good news is that nearly half (48%) are implementing or plan to implement systems to deliver that type of customer view.
Other interesting findings include:
• Adoption of data quality stands at 59%
• Adoption of data integration stands at 55%
• Master Data Management (MDM) are at 31%
• The MDM market is forecasted to grow to $3.2 billion by 2015, up from an estimated $1.9 billion in 2012
"For years, businesses have managed data in separate silos, yet have yearned for a single view of their customers. This survey clearly reflects the gap between vision and execution - and that businesses are not capitalizing on the full value of their corporate data assets," said Tony Fisher, president and CEO of DataFlux. "Master data management requires the executive to apply a comprehensive framework of policies - supported with technology - that will break down the data barriers that inhibit companies from fully leveraging their assets. And while MDM doesn't happen overnight, it is certainly something that needs to be part of a broader data strategy."
Meanwhile a new survey from LogLogic and Echelon One finds only about one-quarter of businesses understand 'big data' - those bits of unstructured data collected from various points. They further found nearly 40% of respondents didn't know what big data was. Over half were found to not have the proper tools to manage it.
"The results show significant inconsistencies in practice. Namely, while big data, cloud needs and compliance requirements are clearly major concerns, the majority of companies are not prepared to deal with any of them adequately," said Bob West, founder and CEO of Echelon One. "It's fascinating to see the rift, and the overwhelming percentage of companies surveyed are not prepared to manage big data properly, monitor cloud environments effectively, or report network and device activities properly. These companies are leaving themselves exposed to attacks, making less-than-informed business decisions, and even risking fines from the federal regulatory agencies, for not complying with their requirements."
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