Creating and unlocking value in an organization starts with knowing precisely where things stand, and where the opportunities for improvement lie. To help, SAP’s Performance Benchmarking group publishes a short analysis each Monday, highlighting hot industry topics and high-impact strategies.
This week’s analysis focuses on the impact of big data and new analytical capabilities in business, and is written by Simran Kohli and Bill Ward.
KEY QUESTION: How extensively are you leveraging big data opportunities?
KEY TAKEAWAY: Exploding data volumes and new analytic capabilities are hot topics in many organizations today. Indeed, thanks to in-memory technology and other advances, business leaders and analysts can perform dynamic modeling on so-called big data sets at real-time speeds. The insights can help organizations get smarter, faster and more efficient.
The reality, however, is that despite the increasing focus on big data and analytics, many organizations have not yet developed full capabilities to effectively mine big data in “real real-time.” According to a recent study by SAP Performance Benchmarking, 68 percent of companies surveyed reported limited or even no capabilities to perform predictive modeling with big data.
In addition, a gulf exists between the most advanced companies and the least. For instance, organizations where top management champions high-performance analytics have (on average) 38 percent greater use of real-time performance data and predictive analytics to run business operations. It may be an intuitive step, but it underscores the reality that developing a high-performance analytics strategy holistically across an entire organization is a critical first step in capturing advantage from big data.
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Note to ASUGNews.com readers: SAP’s Performance Benchmarking program is a strategic service sponsored by its Value Engineering organization. Originally launched in 2004 together with ASUG as a forum to exchange metrics and best practices, the program today has grown into a global effort and one of the largest such programs in the industry—with more than 12,000 participants from more than 4,000 companies and studies available in 12 languages. Participants receive—free of charge—customized and confidential benchmarking comparisons against industry peers as well as aggregate analyses. To participate in the SAP benchmarking program, visit https://valuemanagement.sap.com.