Capgemini consultancy has published a report that breaks down the impact of the acceptance of Big Data as a transformer agent of the global scene in the world of business. Now that the importance of Big Data has been accepted, the Capgemini consultancy agency has published the report Big & Fast Data: The Rise of Insight-Driven Business. This report shows to what extent this has been a turning point for 1.000 senior decision-makers from nine industrial sectors in a dozen countries, leaving aside the media noise that Big Data has generated in business circles.
A new panorama
Big Data has already erupted. The data is configuring a new scenario, empowering those who use it at the highest technological level. The traditional boundaries of the business world have already been pushed aside to the craving for new technologies that rely on mass data collection and analysis,, according to 64% of the executives queried for the report. But how?
Four ways in which Big Data is changing the business world
1. Cutting costs. Data analysis yielded by a company, from production to distribution, for example, not only enables reducing expenses in the processes mentioned, it also reduces labor risk, avoids irregularities such as fraud and ensures the correct compliance with the regulations in place. Furthermore, Big Data’s use and operation technology is rooted in open source and commodity hardware (the one that’s affordable and widely used), representing a saving 20 times less for each Terabyte stored versus traditional data storage.
2. Increasing profits. 61% of the companies surveyed report improvements to their normal lines of business as a direct result of applying Big Data technologies.
3. Opening new lines of business. Big Data has represented the eruption of new competitors in most of the industries surveyed. In general terms, a percentage that oscillates between 53% – 74%, according to the manufacturing sector examined, admits that using Big Data has resulted in the opening of new lines of business. This behavioral pattern intensifies in B2C (business to costumer) companies which are relying on technology to shorten the distance between their intermediaries. 27% of them have already seen how the competition in their sector has intensified from adjacent business areas, and 57% predict that they will do the same based on the empowerment that data use poses for startups.
4. Monetizing the data. 63% of those surveyed consider that in the future, data monetization could equal or exceed the value of their company’s main products and services at this time. There are examples of companies that have taken 360º turns to adopt a business model in which data monetization is their main source of income. That’s the case of Ordnance Survey in the United Kingdom and Lantmäteriet in Sweeden.
Embrace the change
The report also highlights the importance of embracing the changes, right up to the last consequences. In many cases, an obsolete IT infrastructure or a sluggish data analysis is the ultimate reason for the failures of Big Data initiativesdriven in each line of business.
Structural changes to the company’s organization are also of vital importance. The creation of responsibility jobs related with data analysis is already a reality (implemented or planned) for 60% of companies in the study.
70% of the companies surveyed consider the ability to use collected data as vital to ensuring success both now and in times to come..
The importance of Fast Data
Size is not everything. The receipt and analysis of data in real time represents a need for decision making in 74% of the companies surveyed. And for some, Fast Data is now more important than Big Data, although of course, data representation should not be sacrificed for greater efficiency.
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