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How do big data projects become profitable?
Currently, less than a third of big data projects are economically viable. This is the conclusion of a study by Capgemini and Informatica. With the help of best practice examples, it examines the success factors that make big data projects profitable.
The study by Capgemini and Informatica identifies the anchoring of the strategy in the business as one of the key factors for the profitability of big data: it is more than twice as likely that a big data project will be profitable if a Chief Operating Officer (COO) or Chief Data Officer (CDO) takes on the leadership role instead of the IT manager. According to more than half of those surveyed, the IT manager is currently still responsible for the company's own big data strategy. However, there is already a shift in responsibilities towards operational business: COO (20%), Chief Technology Officer (16%) and Chief Marketing Officer (16%) are taking on more and more responsibility.
"In practice, it is important to balance the two opposing forces of governance and agility. Rigid governance slows things down," says Rüdiger Eberlein from Capgemini, referring to the prerequisite for profitable big data projects.
© CapgeminiAnother result of the study, for which over 200 IT and data management executives in Europe and the USA were surveyed: Companies with profitable Big Data initiatives tend to be more effective at managing data quality and data governance, as well as applying company-wide standards. Three quarters of respondents with profitable projects state that they have made excellent or very good progress in the areas of data quality and governance. Among all study participants, only 50% say this. "Traditional governance approaches no longer work in today's data world. To walk this tightrope, companies should define owners for all internal and external data assets and define simple rules and processes for the release of data by the owners to the requesters," says Rüdiger Eberlein, Chief Architect and Consultant of the Global Practice Insights & Data at Capgemini in Germany.
Also, 75% of the top performers in terms of profitability point to their success in standardizing and improving the consistency of data in their own organization, while the figure for all respondents is 47%.
These and other results of the study 'The Big Data Payoff: Turning Big Data into Business Value' are available for download in the whitepaper section of Computer&ATUOMATION.
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