Connect with us
intralinks

Business

How Fortune 1000 Companies Say They’re Using Big Data

The survey strongly indicates that firms are also undertaking “offensive” efforts that are explicitly intended to change how they do business.

Published

on

Are companies seeing any value to their investments in “big data”? I’ve been surveying executives of Fortune 1000 companies about their data investments since 2012, and for the first time a near majority – 48.4% — report that their firms are achieving measurable results from their big data investments, with 80.7% of executives characterizing their big data investments as “successful.”

Survey respondents included Presidents, Chief Information Officers, Chief Analytics Officers, Chief Marketing Officers, and Chief Data Officers representing 50 industry giants, including American Express, Capital One, Disney, Ford Motors, General Electric, JP Morgan, MetLife, Nielsen, Turner Broadcasting, United Parcel Service, and USAA.

The chart below illustrates the range of big data initiatives that are underway at leading corporations, with expense reduction being the most mature, as measured by the number of initiatives that are underway, with nearly one-half of all executives indicating that they have decreased expenses as a direct result of their investments in big data.

Survey respondents included Presidents, Chief Information Officers, Chief Analytics Officers, Chief Marketing Officers, and Chief Data Officers representing 50 industry giants

 

However, big data isn’t just being used for cost-cutting

The survey strongly indicates that firms are also undertaking “offensive” efforts that are explicitly intended to change how they do business.  After the initial “quick wins” are wrung from cost-reductions, executives are turning their attention to new ways to innovate using data.

In spite of the investment enthusiasm, and ambition to leverage the power of data to transform the enterprise, results vary in terms of success.

Organizations still struggle to forge what would be consider a “data-driven” culture.

Of the executives who report starting such a project, only 40.2% report having success. Big transformations take time, and while the vast majority of firms aspire to being “data-driven”, a much smaller percentage have realized this ambition. Cultural transformations seldom occur overnight.

Loading...

At this point in the evolution of big data, the challenges for most companies are not related to technology. The biggest impediments to adoption relate to cultural challenges: organizational alignment, resistance or lack of understanding, and change management.

Big data is already being used to improve operational efficiency, and the ability to make informed decisions based on the very latest up-to-the-moment information is rapidly becoming the mainstream norm.

The next phase will be to use data for new products and other innovations. About half of the executives I surveyed predict major disruption on the horizon, as big data continues to change how businesses operate and compete. Companies that fail to adapt do so at their own competitive and market risk.

Source link

Business

Thailand’s Consumer Confidence Hits new Record Low in May

The University of the Thai Chamber of Commerce (UTCC) has reported that Thailand’s Consumer Confidence Index (CCI) for May fell to its lowest level ever due to COVID-19 concerns.

Published

on

BANGKOK (NNT) – The University of the Thai Chamber of Commerce (UTCC) reported on Thursday that consumer confidence hit a record low in May, due to the country’s latest and biggest COVID-19 outbreak so far.

(more…)
Continue Reading

Business

Thailand Approves Latest Economic Relief Package for Businesses

Some 250 billion baht (US$8 billion) was allocated for soft loans while the remaining 100 billion baht (US$3.2 billion) will go towards an ‘asset warehousing’ program whereby debtors can use their assets as loan collateral but will have the right to redeem their assets under a specific time frame.

Published

on

On March 23, 2021, Thailand’s government approved its latest economic relief package, valued at 350 billion baht (US$11.2 billion), to support businesses in the country.

(more…)
Continue Reading
Wise

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,090 other subscribers

Recent