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Big Data: Four Core Elements of Business are Land, Labor, Capital and Data
90 percent of business leaders cite Data as one of the fundamental components of businesses, on par with basic elements like land, labor and capital. That’s the finding of a CapGemini report titled ‘Big Data and Decision Making‘.
Scott Schlesinger, vice president and head of Business Information Management at Capgemini, said that “the exploitation of Big Data is fueling a major change in the quality of business decision-making, requiring organizations to adopt new and more effective methods to obtain the most meaningful results from their data that generate value. Organizations that do so will be able to monitor customer behaviors and market conditions with greater certainty, and react with speed and effectiveness to differentiate from their competition.”
Some of the results of the CapGemini report include the following findings:
- 90 percent of executives now describe their businesses as being “data driven”
- 26 percent say that they’ve already seen improvements in performance because of Big Data
- 41 percent say that they expect to see performance improvements over the next three years
- 55 percent say that their senior management does not yet view Big Data strategicially
- 58 percent of companies plan to increase their spending on Big Data over the next three years
- 90 percent of executives now describe their businesses as being “data driven”
- Two-thirds of executives say that Big Data issues have to be first addressed in order to improve decision making
Schlesinger said that “Big data is not so much a technology issue as it is a need to map data more effectively. Organizations that have a fundamental understanding of their overall data environment are positioned for greater success.”
