Is the IT, telecoms and media industry ready to embrace Big Data?
Any business within the Information Technology, media or telecoms industry is aware that nothing stands still, and those that do will be left behind. Deloitte reported that technology media and telecoms businesses will continue to face pressure from increasing competition, further ‘digital disruption’ and technological change. For many, these challenges won’t just come from established competitors. With lower barriers to entry and unburdened by any legacy infrastructure, new competitors that can scale operations and bring products to market faster than ever before will be a persistent challenge.
In our recent Big Data League study – a ranking of five different industry sectors based on their readiness to embrace big data – the IT, telecom and media sector demonstrated a strong understanding of the potential for big data analysis to deliver business benefits. The study revealed that:
- 67% of decision makers in IT and telecoms / media companies recognise that prioritising big data analysis has the potential to drive new revenue streams (higher than any other sector including retail, manufacturing, public sector and financial services)
- 58% of IT and telecoms / media companies believe they have the data analytics platform experience to help them understand and maximise big data insights
- 62% agreed that better use of customer insights and trends, plus the alignment of business models with customer requirements, are both key to unlocking the next wave of growth for their organisation
- 30% have access to external data sets with customer information and sales data
- 34% feel they can manipulate a large and / or complex data set analytics within minutes
- 38% of those questioned admitted that their current IT infrastructure was not agile enough to make use of their data to reveal trends.
As IDC states, the ICT industry is in the midst of a once every 20-25 year shift to a new technology platform to support growth and innovation; this new shift has been labelled the ‘third platform’ of computing. The third platform represents a shift in the way IT services are consumed and delivered and is creating “next generation workloads” which legacy IT infrastructure simply isn’t fast or intelligent enough to deal with at scale, cost effectively. What’s clear is that if businesses in the IT, telecoms and media sector don’t adapt to meet with the increasing demands being placed on IT by employees and customers, then in the long term they won’t be able to compete.
The IT, telecom and media sector has some way to go before it leads the EMC Big Data League table. With the next Google or Pinterest making a play to disrupt the market, companies need to capitalise on data assets, act fast and reap the rewards.