Most senior executives are happy with the results of their big data projects, according to research from consulting firm Accenture.
Research among over 1,000 executives at large firms around the world found that 92 percent said they are "satisfied with the results" from their big data projects, with 89 percent rating big data as “very important” or “extremely important” to their businesses’ digital transformation.
And 82 percent of the c-level executives and company technology leaders agreed big data provides a "significant source of value" for their companies.
“Businesses are at a transition point where instead of just talking about the potential results that can be achieved from big data, they are realising actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations,” said Narendra Mulani, senior managing director of Accenture Analytics. "They’re recognising that big data is one of the cornerstones of digital transformation.”
For example, said Accenture, using anonymised 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.
Mulani said: “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.”
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).