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Big data and analytics are

top corporate, top-three corporate or top-10 corporate priorities

in their organizations' strategic agendas, according to 65% of

1,469 C-level executives taking part in a recent href="http://www.mitcio.com/files/mckinsey-minding-digital-business.pdf"

target="_blank">survey by McKinsey &

Co.

Forty-four percent of the respondents say

that they're generating more value from big data and analytics

than their competitors, while only 28% say the same for social

tools or technologies.

An even larger share of

executives in healthcare and pharma (56%) and

business-to-consumer companies (50%) say the same about big data

and analytics.

Companies are focusing on using

big data and analytics to improve their overall performances in a

number of functional areas including:

• 49% for customer insights, segmentation or

  targeting

• 39% for budgeting, forecasting or

  planning

• 37% for operations, service

  delivery or supply chain management

• 33% for

  customer service and support

• 30% for

  performance management and transparency in internal

  operations

• 28% for new product

  strategies

• 21% for pricing

The executives say their companies should

focus their efforts on using data and analytics to generate these

insights. Still, the executives report several challenges to

taking advantage of the potential payoff from big data and

analytics including organizational structures and shortcomings in

their infrastructures and systems, which can be too inflexible to

take advantage of the large volume of data flowing into their

companies.

For the companies that can overcome

these challenges, the returns could be immense, with href="http://searchcio.techtarget.com/news/2240151045/Seize-big-data-and-analytics-or-fall-behind-MIT-panel-says"

target="_blank">companies gaining or losing market

share based on their capacities to exploit big data, according to

Michael Chui, a senior fellow at the McKinsey Global Institute,

the research arm of McKinsey & Co. McKinsey has projected

that the healthcare sector alone could reap as much as $300

billion in value from the effective use of big data, including

$200 billion in reduced spending.

McKinsey

suggests that companies take these steps to overcome the barriers

to using big data and analytics effectively to drive business

value:

• Study possible

  organizational hurdles like silos of marketing, product

  development and IT functions before launching new analytics

  projects. Consider creating flexible team structures and engaging

  outside resources for collaboration;

• Focus

  on building and acquiring the skills necessary to carry out an

  analytics agenda. Develop homegrown skills wherever possible and

  be creative in finding other talent to fill in those

  gaps;

• Seek to foster active participation

  from IT leadership for big data and analytics

  projects.

Read more href="http://spotfireblog.tibco.com/?p=12582">here.

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