Companies’ top fears about big data analytics

The time of haunted houses and jack o’ lanterns is almost here. Given that Halloween is all about spooky stuff, it’s only fitting that we discuss a scary topic: big data analytics!

Did reading that last sentence cause a shiver down your spine? Of course not. Big data analytics have gone far past the stage where businesses hesitated in adoption, skeptical about its value.

No, the scary thing about big data analytics these days is the fear of not having them at all.

That’s what Accenture found in a 2015 survey in which they asked companies what their biggest fears would be if they were unable to implement a Big Data strategy within 1-3 years.

66% fear losing market share

The number one fear was that companies’ competitors would gain market share at their expense, leveraging the power of big data to outcompete.

31% fear waning investor confidence

The survey respondents also lost sleep (figuratively and possibly literally—you never know) on the worry that their investors would lose confidence in their ability to grow business effectively.

52% fear less competitiveness

In third place, respondents believed they wouldn’t be able to competitively price their products or solutions without analytics.

Interestingly, only 3% of respondents were unfazed by the thought of failing to implement an analytics strategy and believed there would not be a negative impact.

Loss of market share, investors and competitiveness? Sounds like a campfire ghost story for any business executive. Fortunately, analytics are becoming even more powerful and easy to implement. If you’d like to learn more, give us a call or schedule a demo. We’d love to show you how analytics can add value to your sales process.

From all of us at Accent, have a happy and safe Halloween.