Eighty-three percent of executives — more than two-thirds of whom came from insurance and IT, with the rest representing financial services companies — agree that business leaders must embrace big data and a data-driven paradigm of management or else be replaced by others who do, according to a new survey conducted by Knowledgent.

More than 70% of respondents believe big data is set to unleash a wave of innovation, which, 95% of the respondents also agreed, will drive mainstream management strategy from the bottom-up, leaving executives to embrace it as the wave comes.

Somewhat troubling, however, is the fact that 72% of respondents also agreed with the assertion that “for the most part, big data is a solution looking for a problem.” This suggests that many are looking for business cases to justify investments in the technology.

Lastly, 74% of executives expect the market of small technology and service contenders to shrink to only a handful of providers in the next three to five years.

 Stephani is associate editor of Insurance Networking News, a SourceMedia publication.

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