Big Data can present companies with big challenges, especially when there’s a gap between what Big Data is and how it can be applied.
According to a report by Edgell Knowledge Network and Tata Consultancy Services entitled “State of the Industry Research Series: Big Data in Consumer Goods,” 84% of CPG manufacturers are either “aware” or “well aware” of Big Data. Yet, 64% admit that they’re unaware of how much unstructured data resides within their organizations. At least manufacturers appear to be more clued in than their retailer counterparts, as 75% of retailers claim to be unaware of the amount of unstructured data within their company.
The three V’s of Big Data management—volume, variety, and velocity—appear to give manufacturers the most strife. Forty-nine percent of respondents list tackling data variety as the greatest data management challenge, followed by dealing with the volume (29%) and the velocity of data (26%). In terms of Big Data adoption, 54% of respondents listed lack of budget as a “significant challenge,” followed by shortage of people (48%) and vagueness of Big Data benefits (43%).
Nevertheless, there are still a number of manufacturers who are willing to face Big Data’s challenges head-on. According to the report, 16% of manufacturers have already conducted a Big Data project and 24% currently have one in the works. Additionally, 40% of manufacturers have created a Big Data initiatives budget or intend to have one in place within the next two years.
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