In a global survey of 600 executives this month by Capgemini and the Economist Intelligence Unit, nine out of 10 respondents identified data as being the fourth factor of production – as fundamental to business as land, labour and capital.
Companies are awash with data, some generated by their customers or systems, some by third parties. These data are growing so fast – by about 2.5 exabytes a day – that 90 per cent of the stored data in the world today has been created in just the past two years, earning it the geeky moniker “big data”.
Whether big data becomes an organisation’s greatest asset or one of its gravest liabilities depends on the strategies and solutions it puts in place to deal with the epic growth in data volumes, complexity, diversity and velocity.
This message seems to be getting through. Among the survey’s other findings, respondents said the use of big data has improved businesses’ performance, on average, by 26 per cent and that the impact will grow to 41 per cent over the next three years.
Almost 60 per cent of companies said they planned to make a bigger investment in big data over the next three years, suggesting that the era of big data and big data analytics has already arrived.
To read the full article on FT.com, please click here: Crunch time for big data