Ninety-two percent of executives from companies that are applying big data to their businesses said they are satisfied with the results, according to new research by Accenture. Eighty-nine percent of respondents rated big data as “very important” or “extremely important” to their businesses’ digital transformation, and 82 percent agreed big data provides a significant source of value for their companies.
The study is based on a survey of chief information officers, chief operating officers, chief data officers, chief analytics officers, chief marketing officers, chief financial officers and other senior technology, data and analytics leaders from companies in 19 countries across seven industries.
"Businesses are at a transition point where instead of just talking about the potential results that can be achieved from big data, they are realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations,” said Narendra Mulani, senior managing director, Accenture Analytics, part of Accenture Digital. “They’re recognizing that big data is one of the cornerstones of digital transformation.”
For example, using anonymized customer attributes and geolocation data from its WiFi access points, a Japanese telecommunications provider offers consumer companies a platform to target promising customers with mobile advertisements in real-time. Also, a British utilities company processes data in real-time from sensors in water pipes to better anticipate equipment failures and respond faster to leaks and adverse weather events.
Today, even the most basic items like water pipes can generate and provide data. While the Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage,” added Mulani.
More than 60 percent of executives said their companies have successfully completed a big data implementation, while 36 percent haven’t pursued a big data project yet and are currently not pursuing such a project. Four percent were currently pursuing but hadn’t finished their first big data project.
Where Big Data Drives Business Benefits
According to the research, executives said their companies use big data moderately or extensively to: identify new sources of revenue (94 percent), retain and acquire customers (90 percent), and develop new products and services (89 percent).
This is also where the research indicates many enterprises are seeing big business impacts. Executives noted extensive tangible business outcomes from big data in finding new sources of revenue (56 percent), new product and service development (50 percent), winning and keeping customers (47 percent), and enhancing the customer experience (51 percent).
Asked where they expect big data to have the biggest impact on their organization in the next five years, 63 percent of executives said “customer relationships”, 58 percent mentioned “product development”, and 56 percent said “operations”.
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