Eighty-four percent of respondents believe big data helps them make better business decisions. And 73 percent of companies have already used data to increase revenue by growing existing revenue streams (57 percent) or creating entirely new sources of revenue (43 percent).
Achieving faster data analysis makes for a more responsive, productive business. Firms can analyse data and further improve decision-making cycles. The ability to query corporate data in real-time enables lines of business to gain vital new insights into customers’ behaviour every day.
Big data is being deployed in three key sectors— telcos because they have such large volumes of data; banks, which are less focused on unstructured data but want real-time high velocity analytics for fraud and risk management; and government agencies, primarily in intelligence, immigration and customs tax.
Pharmaceutical firms are also expanding their interest and some retail organizations are exploring big data, added Phil Carter at IDC in Singapore.
Banks are teaming-up with retailers to target customers by analysing the customer data they collect more closely, according to Andrew Jennings, chief analytics officer at fraudulent data specialist FICO.
Data analysis tools used by banks to determine if you are likely to default on loan repayment,could soon help nab criminals. The National Crime Records Bureau decided to deploy data analytics to not only track criminals but also to predict incidence of crime in a region on the basis of past incidents.
The Economist Intelligence Unit report “The Deciding Factor: Big Data & Decision making,” commissioned by Capgemini, reveals that nine out of ten business leaders believe data is now the fourth factor of production, as fundamental to business as land, labor, and capital.
The study, which surveyed more than 600 C-level executives and senior management and IT leaders worldwide, indicates that the use of Big Data has improved businesses’ performance, on average, by 26 percent and that the impact will grow to 41 percent over the next three years. The majority of companies (58 percent) claim they will make a bigger investment in Big Data over the next three years.