Big costs – or at least the fear of them – are still scaring mid-sized companies away from adopting big data analytics tools.
Cost is the top reason for non-adoption, cited by 67 per cent ofmedium-sized firms that are still holding out on using analytics.Financial Executives International surveyed 53 mid-sized firms inFebruary for a report released today by Deloitte.
“Among the relatively small number of companies that are not usinganalytics, the main barrier is the perceived cost to implement,” thestudy states.
The flip side is that cost savings are one of the biggest advantagesreported by mid-sized companies that are using analytics. Of the firmsembracing big data management, 85 per centsaid lower costs hadresulted, making it the second most popular advantage listed. The topadvantage cited by analytics users was operational efficiencies, namedby 90 per cent of the companies.
Adoption of analytics was relatively strong in the survey, with 89 percent of the 53 companies surveyed now using the technology.
One emerging trend noted by the study is analytics-as-a-service, usedby 29 per cent of the companies surveyed.
Financial data management is the area where most analytics IT is beingdeployed by mid-sized companies. Of the firms surveyed, 98 per cent areusing analytics to manage financial data, followed by operational data,customer information, strategic data and human resources information.