Develop new business models, discover new product offerings or monetizing own data are the key areas of profit opportunity for Big Data and Data Analytics.
Almost three quarters (74%) of the directors of Spanish innovative companies believe that Big Data is «very important» or «extremely important» for the digital transformation of their businesses, and in addition, 68% of them think that Big Data provides considerable value to their organizations, according to a report by Accenture .
Thing is, investments in Big Data and Data Analytics are becoming more frequent and relevant. The results of another study are eloquent: Two thirds of those surveyed by Teradata in its global report on Big Data and Data Analytics , ensuring that such technologies have had a significant impact on the results of their companies.
Develop new business models, discover new product offerings or monetizing own data are the key areas of profit opportunities for Big Data and Data Analytics technologies.
«Companies have reached to a point of transition in which, instead of talking about the results that could be achieved with Big Data, they are beginning to see the real benefits in it», «Companies are beginning to see that Big Data is a keystone of digital transformation», says Narendra Mulani, senior managing director at Accenture Global Analytics.
Barriers and Obstacles
Still, data also reveal that there are obstacles remaining, particularly in terms of culture and business strategy: more than half of the participants in the study of Teradata claim that the shift to a data-centric culture is the largest barrier they face, suggesting that the idea of a data-centric approach to business is still unpopular.
In addition, Accenture study aims other types of barriers, some of them form the outside of companies: the lack of experts trained in Big Data and Data Analytics being one of the most important of them. In addition: security , budget constraints of enterprises, and integration into their systems are also relevant barriers to be taken into account.
Uses and benefits for innovative companies
According to Accenture, in Spain the most innovative companies use Big Data and Data Analytics to discover new business (94% average), increase retention rates and customer acquisition (86%), and developing new products and services (82%). All this provides them with tangible results, especially in the discovery of new business (53%), in the development of products and services (49%), in the acquisition and customer retention (47%) and in improving customer experience (43% in Spain).
Data is one of the least -and also less exploited- most valuable assets of any organization or company, regardless of its sector of activity. To manage data and extract the hidden value from them means undeniable competitive advantages: It allows, among other things, to make better informed strategic decisions, predict outcomes, get better turnovers, and improve the organization’s internal operational processes and management.
Gradiant Data Analytics
Gradiant is an expert in innovative developments in Big Data and Data Analytics (both Human or Machine-Generated alike), eLearning and learning analytics, and even Video Analytics, or Data Analytics for eHealth.
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