Data is now a kind of capital, on par with financial capital for creating new products, services, and business models. The implications for how companies capture, keep, and use data are far greater than the spread of fact-based decision-making through better analytics. In some cases, data capital substitutes for traditional capital and explains most of the market valuation premium enjoyed by digitized companies. But most companies don’t think they’re ready for big data.
Oracle recently commissioned Wall Street Journal Custom Studios and the private research think tank Ipsos to conduct an online survey of over 700 senior executives along with interviews with subject matter experts to understand their biggest opportunities, challenges, and areas of investment with big data. You can read the global summary of the research, “Data Mastery: The Global Driver of Revenue,” and snapshot here.
The key findings are that garnering insights in the new world of big data is a top three priority for 86 percent of all respondents—and the number one priority for a third of the participants. In addition, 81 percent plan to expand their business analyst staff.
The bottom line is 98 percent of executives who responded believe they are losing an average of 16 percent of annual revenue as a result of not effectively managing and leveraging business information—information that is available on an unprecedented scale and rate from a variety of cloud, mobile, social, and sensor technology devices and platforms. The newer information generated on searches, clickstreams, sentiment, and performance by people and things—in combination with customer and operations data that businesses have traditionally managed—has enormous potential for business value and customer experiences.
Stay tuned for more of the industry findings from the research in this blog series that will also feature Oracle customer-success stories and architecture guides to help you convert big data into economic value. Learn more now at oracle.com/big-data.