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5 challenges of Big Data: Can all data deploy insights?

03rd Feb `14, 06:13 AM in Resources

In a recent study by the World Federation of Advertisers on the contentious subject of big data, top…

BDMS
Guest Contributor
 

In a recent study by the World Federation of Advertisers on the contentious subject of big data, top marketers have highlighted some of their biggest challenges. (Read also: CMOs crumble under data pressure Closing the gap between CIOs and CMOs Top frustrations between CIOs and CMOs) Whilst 88% of the respondents said it was vital for current and future business decision-making, 54% struggle to cope with the huge volume of data being generated.

The other 4 challenges include:

To deploy insights practically across the business (49%)
To find business analysts and data scientists with the right skills (49%)
Unprepared to take advantage of the opportunities of big data (74%)
Improved understanding of ROI as their primary reason for investing in this area (70%)

The study is based on on responses from 47 different multinational brands, collectively responsible for USD35 billion in marketing spend each year. Conducted in conjunction with The Customer Framework, the survey revealed that big data efforts work best when three key conditions are met:

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