Sep 24, 2020
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Big Data Facts: How Many Companies Are Really Making Money From Their Data?

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More and more businesses are waking as much as the importance of information as a strategic resource. Yesterday research released by the Economist Intelligence Unit reported that 60% of the professionals they quizzed feel that data is generating revenue within their organizations and 83% say it truly is making existing services and products more profitable

 

After surveying 476 executives from all over the world it found that those based in Asia are leading the style – where 63% said they’re routinely generating value from data. In the U. S. the figure was 58% and in Europe 56%. This makes it clear that companies are finding more and more how you can turn data into value but on the same time the report found many are hitting obstacles that are frustrating those efforts

 

Just 34% of respondents said that they feel their organizations are very effective at being transparent with customers about how data is used. And 9% say they feel that they’re totally ineffective during this area which may be very detrimental to building the all-important customer trust. Play Video For businesses that are built around customer data (or those that are repurposing to be so) customer trust is totally essential

 

We have seen that individuals are becoming increasingly willing at hand over personal data in return for services and products that make their lives easier. However that goodwill can evaporate directly if customers feel their data is getting used improperly or not effectively protected. The report states that Big Data analysis or the mining of extremely large data sets to identify trends and patterns is fast becoming standard business practice

 

Global technology infrastructure too has matured to an extent that reliability speed and security are all typically robust enough to support the seamless flow of huge volumes of information and consequently encourage adoption. PROMOTED It also goes on to indicate that more and more businesses taking cues from online giants inclusive of Facebook and Google are positioning themselves as data-first operations built entirely around data collection analysis and redistribution – in preference to simply using it as a source of business intelligence

 

Monetizing Big Data 59% of respondents said that they give thought to data and analytics to be vital to the running of their organizations with one other 29% deeming it very important. The increasing availability of cloud processing analytics and storage services has undoubtedly opened the floodgates when it comes to making Big Data driven analytics accessible to businesses of all sizes across many industries

 

But I feel this survey also backs up warnings that I and others have been voicing for some time. Data particularly Big Data is a virtually infinitely empowering asset – but its use may be limited or it could even become a liability if it isn t backed up by a robust (and regulator-compliant) strategy

 

Interestingly just under half of those surveyed (47%) say that their data analytics is proscribed to data they’ve collected themselves – through internal processes commercial activity and customer services. I’d expect this number to shrink in coming years as more and more organizations become aware of adding data provided by third parties inclusive of data wholesalers and governments into the mix

 

Another statistic which stood out to me was that 69% feel there is a business case with their companies to mounted a dedicated internal data and analytics unit with the purpose of exploring new how you can add value through data projects. It truly is probably driven by the undeniable fact that 48% feel that their organizations have in the past failed to benefit from opportunities to capitalize on their data

 

I fully expect to see dedicated data teams and dealing groups become an increasingly vital piece of corporate infrastructure over the following couple of years well past industries inclusive of tech and finance where they’re already commonplace. Overall it seems businesses are fairly confident about their ability to maintain our data safe – with 82% saying that their data protection procedures are very or somewhat effective

 

However we all know that giant scale theft of purchaser data from corporations is an ever-growing problem. Executives at organizations hit by one of these crime recently – inclusive of Anthem Talk Talk and the U. S. Government – were presumably fairly confident that their systems were safe too – until they found that they weren t

 

The report also makes it clear that data breaches are not ever limited to the high profile incidents that receive coverage inside the media. Correctly fairly shockingly 34% of respondents said that their businesses had suffered significant data breaches inside the past 12 months. The EIU report which may be read in full here makes it clear that adoption of Big Data driven strategies has come on in leaps and bounds over the last year

 

However it is also equally clear that there is still a protracted thanks to go until every business is secure enough in its infrastructure to transition to a completely data driven business model

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