McKinsey & Company recently posted an excellent article, “Getting big impact from big data,” and addressed a proverbial elephant in the room: while most executives believe big data analytics is a critical tool for success, fewer companies have been able to successfully use analytics to drive major business decisions.
So what is preventing organizations from unlocking the value of their data? According to McKinsey a major barrier has been internal organizational cultures that are not familiar with analytical practices and therefore unwilling to take ownership of a new system with unproven results. This keeps organizations from being able to operate data driven initiatives at scale. So while software solutions can help, there is also a significant cultural challenge that needs to be overcome for organizations to realize the full value of big data. (more…)