According to new research by the Analytics branch of consulting firm Accenture, companies using big data experience successful and satisfactory business outcomes. 93% of all executives interviewed for the survey view the use of big data as ‘extremely important’ or ‘important’, and 83% believes that using big data could produce a competitive edge.
Accenture Analytics*, part of the consulting firm Accenture, recently released its ‘Big Success With Big Data’, for which it researched big data; its use and the successes and challenges it posts. For its survey, the firm interviewed more than 1,000 executives of companies** from seven industries, such as Banking, Energy, Insurance, and Retail, located in 19 countries around the globe, including the US, China, Germany, Netherlands and UK. Accenture’s overall conclusion based on the survey: big data is important for companies and leads to successful business outcomes.
The vast majority of the respondents said they view big data as extremely important and central to their digital strategy. Of the executives interviewed, 92% stated their satisfaction with the results of the big data applied to their business. Big data was rated ‘extremely important’ for their business by 59% of the respondents, and 34% of the executives rated big data as ‘important’, totalling to 93%.
Of the interviewees, 89% said they view big data as a catalyst to transform their company into a digital enterprise, and that big data will revolutionize their business operations in the same way the Internet did. Almost 80% believe that companies that will not use big data as part of their strategy will lose their competitive position, and 83% actually pursued big data projects to seize a competitive edge.
Why big data
The research shows that big data is used do deliver business outcomes on a wide spectrum of strategic corporate goals. Responding to the question why their company uses big data, 94% said to identify new sources of revenue, 90% to retain and acquire customers, and 89% to develop new products and services.
Comparing the reasons to apply big data with the results produced by this use, the research shows that 56% of the executives saw tangible business outcomes from big data in finding new sources of revenue, 47% in winning and keeping customers, and 50% in new product and service development. When asked to forecast the future, 63% of the executives stated that they expect the biggest impact of big data on customer relationships, 58% on product development, and 56% on operations.
“Businesses are at a transition point - where instead of just talking about the potential results that can be achieved from big data, they are realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations,” says Narendra Mulani, Senior Managing Director of Accenture Analytics. “They’re recognizing that big data is one of the cornerstones of digital transformation.”
* Accenture Analytics is part of the Digital branch of Accenture, and develops consulting and outsourcing services that will help their clients ensure returns on their analytics investments.
** Respondents from companies that had completed at least one big data implementation were interviewed for the survey.