Canada has fallen behind competition in using Big Data

Canadian businesses too slow to adopt new technologies: study

Canadian businesses have fallen behind their international competitors in the era of Big Data–and that’s bad for business.

According to a recent survey by IDC Canada, commissioned by SAS, only 48% of Canadian companies have invested in the technologies capable of processing Big Data. In comparison, 76% of international companies have done so. Moreover, 15% of Canadian companies say they have no plans to adopt these technologies in the future.

Read: Technology Communications

Big Data is commonly defined as data sets that are too large and/or complex to be stored and analyzed using existing database management tools. In the insurance industry, discussion of Big Data has often focused around unstructured data such as social media content that could potentially be used in underwriting risk and investigating claims.

“Organizations that have begun to embrace Big Data technology and approaches are demonstrating that they can gain competitive advantage by being able to take action based on timely, relevant, complete, and accurate information, rather than guesswork. Meanwhile the challenges of data management and analytics in the intelligent economy are likely to overwhelm organizations that are not conversant with Big Data technologies,” said Nigel Wallis, research director for IDC in a press release.

Read: Canada lags behind world in IT security investment 

The survey also found that 25% of Canadian businesses assign their data management strategy to mid-level IT managers, while only 4% of international companies do so.

In contrast, international companies are more likely to assign a greater weight to these decisions. The Chief Information Officer is the key strategy driver for one third of international organizations.

“For Canadian organizations to take full advantage of the transformative potential of their data, they need to approach it strategically. That starts with executive understanding and ownership of data as differentiator and an end to the pattern of delegation that has so far characterized Canadian technology adoption,” commented Wallis.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.