The Value of Big Data
Accenture released the findings of their big data study on September 10, 2014, and it showed that 92% of executives from companies using big data are satisfied with the results. The study also highlighted that 89% of respondents considered big data as “very important” or “extremely important” for the digital transformation of their business. Also, 82% agreed that big data is a key source of value for their companies.
For the study, Accenture ran a survey participated by chief information officers, chief operating officers, chief data officers, chief analytics officers, chief marketing officers, chief financial officers, as well as senior technology, data and analytics leaders from companies in seven industries across the world.
Narendra Mulani, Accenture Analytics’ senior managing director, said that businesses are “realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations.”
The study of Accenture highlighted areas where companies used big data:
- 94% – identifying new sources of revenue
- 90% – retaining and acquiring customers
- 89% – developing new products and services
Results of big data
Here is what the study found on where big data brings tangible business results:
- 56% – finding new sources of revenue
- 50% – new product and service development
- 47% – winning and keeping customers
- 51% – enhancing the customer experience
Executives who participated in the study also mentioned areas where big data will have a great impact in five years:
- 63% – customer relationships
- 58% – product development
- 56% – operations
Suffice to say; it is clear that businesses are seeing the value of making use of big data. While the information above is just numbers, there is actual proof of how several businesses have used big data to drive growth for their company.
This post is sponsored by TCDI, a company providing cybersecurity, computer forensics, and eDiscovery services.