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Most organizations recognize the promise of data as a transformational decision-making tool, but far fewer are realizing the benefits of big data analytics. What’s holding them back?
According to a survey conducted by the Business Application Research Center, only 6 percent of surveyed companies report no roadblocks to using big data. The rest - companies around the globe and across different industries - identify various barriers. Up to 53 percent of the survey respondents say inadequate technical or analytical know-how within their organizations is slowing adoption. Among 38 percent of companies, the lack of compelling business case or cost are issues. And nearly one-quarter struggle to make big data digestible for end users. Overcoming these obstacles will help organizations forge a path to improved performance and growth.
5 Vs Big Data Challenge
Why is working with big data so difficult? It comes down to several factors, which research and advisory leader Gartner first introduced as the Vs of big data in 2001.
90% of data globally has been generated in just the last two years. Given perpetually increasing volume of data available, identifying the data your organization needs is akin to searching for a needle in a haystack.
Big data technology supports rapid analysis, making adoption of predictive analytics or machine learning more important than ever if organizations want to realize competitive advantages from data in real time.
Embark on big data initiatives to answer a clear question, organizations can turn data into measurable value - from optimizing processes and improving customer service to predicting risk and identifying emerging opportunities.
80 percent of the world’s data is unstructured, making it more difficult to harness the data without big data technology. Consider the potential value of unstructured data found in social commentary to inform marketing plans or sensor data from a production line to optimize operations.
Volume, variety and velocity combine to create another challenge for organizations trying to leverage data effectively. Advanced analytics like semantic analysis, entity linking, applied metadata or other data enrichments, along with data normalization, makes it possible to tap into data from a wide range of sources
Nexis® Data as a Service
Nexis® Data as a Service addresses the challenges of the five Vs of big data with its four main advantage.
A source universe offering controlled volume and a wide variety of datasets to meet diverse uses
Flexible Bulk, RESTful and controlled content APIs deliver normalized, structured data at the volume and velocity needed for big data applications
Smart data, organized and enriched through a combination of expert human curation, advanced analytics and topic tags, for greater veracity
After 45+ years providing solutions that help organizations harness the power of information, LexisNexis remains dedicated to developing innovative tools to support data-driven decision-making. Our commitment extends beyond comprehensive content and outstanding search technology to world-class client service support, ensuring that our clients gain maximum insights and value from LexisNexis solutions.