Are fellow South African companies leverage data to boost productivity and value creation?
World companies have just embarked on the data statistic, analytic and marketing segmentation journey. Most companies are still dealing with preliminary, enabling initiatives delayed by the lack of comprehensive strategy and technical skill. IBM, the leading company on information statistic and analytic, a definition for big data is : ” every day we create 2.5 quintillion bytes of data. This database comes from everywhere,…this information is big database” SAS explains another key element: ” the importance of database doesn’t revolve around how much data you have, but what you do with it.”
Increased connectivity, new capabilities for capturing, storing, processing, presenting database, and transmission of large volumes of varied data at high velocity have developed significantly in the past few years, resulting in the potential availability of extensive database sets to most companies.
How companies in different sectors deal with a database? The conducted survey involved 1,189 professionals across industries worldwide and highlights that big data is seen as a reason for optimism from a business point of view. It represents an opportunity for a large part of the sample. Although the awareness of its importance is noteworthy and widespread, the ability to leverage big database to boost productivity and value creation is still rare.
Some key findings:
- 52 % see big data as an opportunity rather than a threat.
- 1/4 has a clear strategy on big data.
- 23 % find increased efficiency as the main benefit from big data, followed by better decision making, improved customer experience and engagement and achieved financial savings.
- About 50 % develop in-house competence on big data while 20% work with external partners.
- 76 % plan to maintain or even increase big data investments.