NEW BRUNSWICK, NJ--(Marketwired - Feb 6, 2014) - Results of a survey released today by Connotate, Inc., the leading provider of Web data extraction and monitoring solutions, reveal that the companies that actively acquire and effectively use the vast amount of information available on the Web are reaping improvements in various areas. Revenue growth, improvements to products and services, increased customer acquisition and retention, and more successful product launches were the most common areas of improvement. Nearly half of the companies surveyed are planning to increase their expenditures in Web data acquisition up to 25 percent this year, building capabilities through both internal investments and technologies and expertise supplied by external suppliers.
These are some of the notable findings from the third annual Big Data survey sponsored by Connotate and conducted by leading research firm Market Knowledge Online. The purpose of the study was to assess trending or changing perceptions of Web data acquisition within the context of Big Data.
The study found that early adopters who have whole-heartedly embraced the opportunity to leverage Web data are reaping competitive advantage and high ROIs on their investment. By and large, later adopters have also recognized the potential value of Web data in supporting many different kinds of decisions -- from pricing to purchasing to positioning and beyond.
The study aligns with what key industry analysts are finding in their own explorations. "Today, companies can now dependably find sustainable competitive advantage and operational efficiencies from Web data acquisition and use," said Russell Perkins, Founder and Managing Director of InfoCommerce Group, thought leader in exploring, charting, analyzing and defining the most important issues reshaping the business information industry. "And as this Connotate study makes clear, nimble early adopters of this technology have the opportunity to tilt the playing field to their advantage. Hopefully, these study results will help companies build internal focus and support for leveraging the power of Web data."
The survey suggests, however, that lack of senior level support, limited budgets, and technology are the top three hurdles have all played a role in slowing adoption. Further, most surveyed say companies require senior level support of Web data more than ever and this can slow adoption.
2014 may see all this begin to change. Almost half of respondents plan to increase Web data acquisition budgets up to 25 percent this year -- planning to invest in acquiring or developing technology, expanding internal talent, and developing effective processes and workflows that can easily consume the new data flows.
"There are countless uses for enterprise-level utilization of Web data from external sources," said Keith Cooper, CEO of Connotate. "Our survey has identified both the powerful potential of well-leveraged Web data and the main reasons some companies are struggling to capture this advantage. We look forward to the anticipated shift in 2014 spending, as companies commit to obtaining scalable, timely and precise Web data to help gain a competitive advantage and grow their business. We believe our technology and expertise can play a critical role in helping companies successfully leverage the incredible power of Web-sourced data, and we look forward to working with them to do so."
Complete survey results and infographic are available online.
Connotate puts the power of Web data monitoring and collection into the hands of the business user. The company delivers the scalability, reliability and resiliency necessary to derive strategic value from dynamic, Web sources. Connotate's growing customer list includes global businesses such as McGraw-Hill, Associated Press and Thomson Reuters. The Connotate solution has been named a KMWorld "Trend-Setting Product" for the past eight years. For more information, please visit www.connotate.com or www.connotate.co.uk and follow us on Twitter at @Connotate.