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Big Data can help companies to improve revenue by 25 percent

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Harmeet
New Update

NEW DELHI, INDIA: Big data can improve revenue by 25 percent or more with projecting a potential $250 billion revenue increase, according to the research done by Hitachi Data Systems (HDS) Corp.

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It is essential for business executives to adopt a new approach where they think of ‘data as a capital asset' and to define a holistic big data strategy that will deliver insights and intelligence. This change in focus will enable organisations to innovate with information and generate incremental income, according to the latest study.

"Nowadays, most organisations have a limited data-capital ‘budget' that prevents them from realising the full potential of the information they hold," said Neville Vincent, senior VP and GM, Asia Pacific, HDS.

"Staff members long for more information and realise its revenue potential, but lack access to it. It is time for C-level executives to ensure cultural alignment throughout their organisations, and to treat data like a capital asset that can bring a significant impact to their business.

"Our vision is for businesses of all shapes and sizes to use advanced technologies to realise the value of their organisation's data. Members of the IT department need to be involved in the business planning cycle much earlier and more tightly integrated to the business in order to deliver essential information and insights to the people who can use it to drive business innovation and realise incremental income," he said.

The study revealed that telecom (67 percent), consumer goods (57 percent) and financial services (52 percent) industries are leaders in recognising that big data can greatly improve their understanding of customer needs. However, more than 60 percent of the firms in the financial services and consumer goods industries haven't started any big data programs. Healthcare and life science are lagging further behind; 72 percent of them haven't started any big data programs.