The Business of Data
By Naka Kondo for the Economist,
More and more organisations are collecting and storing vast amounts of data. Yet for all the excitement generated by the potential of this data to transform business models—turning it directly into cold, hard cash can prove difficult.
Despite the obvious benefits of using superior data to drive value-added marketing strategies, companies are facing many barriers, including regulatory uncertainty, consumer privacy issues, security concerns and budget constraints. So while the possibilities of digital disruption and big data are endless, companies need to think very carefully about how to execute their plans to avoid some common pitfalls.
This EIU report examines how companies are positioning themselves to benefit directly from the wave of opportunities offered by fast-evolving data technologies. It is based on a cross-industry survey of 476 executives based largely in North America, Europe and Asia on their companies’ data plans and practices, as well as insights from the leaders of organisations at the forefront of the emerging data industry.