The Economist Intelligence Unit (EIU) has published the Business of Data report. It examines how companies are positioning themselves to benefit from the opportunities offered by data technologies.
In introducing the report, the authors alert that while more organisations are collecting and storing large amounts of data, making direct profits from it can prove difficult.
The report is based on a cross-industry survey of 476 executives and insights from the leaders of organisations considered to be at the forefront of the emerging data industry.
Key findings include that:
- More companies want to profit from their data
- Investment in new technologies will grow
- Data is becoming vital to decision-making
- Consumer privacy and data security remain concerns
A notable finding is that companies are using their data for evidence-based decision-making:
Many companies are also learning from the data they generate: 29% of those polled say that big data has prompted them to operate in new industries or markets, and 29% to generate new revenue from existing products or services. Only 8% of respondents say that it has not meaningfully changed the way they do business. Big data is also leading companies to new technology; this is especially the case in banking (stated by 74% of the sector’s respondents), where regulation and compliance requirements for institutions to generate, monitor and report on customer information are a major factor in day-to-day operations.