Oracle's "From Overload to Impact: An Industry Scorecard on Big Data Business Challenges” report reveals that failure to adequately tap into big data is resulting in the loss of 10% of manufacturers' average annual revenue, which adds up to an average loss of $40.8 million per year.
Big data is real and it is costing you money.
This is according to a recent report put out by Oracle breaking down some of the most pressing big data business challenges facing manufacturers today.
The report offers a wake-up call for executives who still think of big data and advanced data management as IT problems alone.
"Big data equals big revenue and big dollars," explained Rod Johnson, vice president of Industry Strategy at Oracle. "Dealing with it is not an IT strategy -- it needs to be enabled by IT, but it is really a business strategy that should be on every CEO's agenda."
The 333 C-level executives from industrial manufacturing and 10 other industries surveyed for the report indicate that failure to adequately tap into the data is resulting in the loss of 10% of their average annual revenue, which adds up to an average loss of $40.8 million per year.
These figures cement the merger between IT and manufacturing after a decades-long collapse of the once segregated industries.
With the precarious state of today's manufacturing environment -- slimmed down by the recession and reliant upon new technologies to pick up production to drive the recovery -- that slow collapse has accelerated into a new age of high-tech, data-driven production.
The impact of this is fundamentally reshaping the market as manufactures scramble to adopt strategies to take advantage of these new capabilities and capture those $40 million in lost costs -- a challenge the report indicates most companies are unprepared to face.
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