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Businesses failing to capitalize on their data

data
(Image credit: Shutterstock / Gorodenkoff)

Most businesses believe they understand the value of real-time data analytics, but a new report from KX suggests many are missing out on potential gains.

Based on a poll of 600 professionals and IT decision makers from various industries, the report states less than a third (31 percent) think about real-time analytics at the second, or sub-second level. For the majority (69 percent), “real-time” means over a second, with almost half of those (45 percent) claiming it means anything upwards of an hour.

Not only is there a difference of mindset among those that work a sub-second level, but there’s also a difference in confidence.

This minority considers access to real-time data more important for enabling intelligent decision-making, as compared with other respondents. They also feel better prepared to take advantage of data analytics, and are more likely to have a data-driven culture across the organization. Most are constantly using data to make better-informed decisions.

For the majority of organizations, access to the right technology, employees and skillsets are considered the main roadblocks.

“While we’re seeing an increase in both the volume and complexity of data, we also know its value perishes over time. The findings show that many firms could benefit by reducing their data-driven decision-making window,” said Kathy Schneider, CMO at KX.

“We have customers across financial services, automotive, utilities and manufacturing that tell us operating at the second or sub-second level is a game changer for them in terms of improving operational performance and sharpening their competitive edge.”