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The Business of Data Infographic-From Information to Income


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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.

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The Business of Data Infographic-From Information to Income

  1. 1. HOW HAS BIG DATA CHANGED YOUR BUSINESS IN THE LAST THREE YEARS? IS YOUR BUSINESS EFFECTIVE IN MANAGING DATA? ORGANISATIONS GENERATING REVENUE FROM DATA AND PLANNING TO CONTINUE Collecting and storing Analysing for insights Pursuing commercial opportunities from it Providing employees with access Being transparent with customers about usage Ensuring it’s secure WHICH STEPS ARE YOU TAKING / WILL YOU TAKE TO GENERATE MORE REVENUE FROM YOUR DATA? TRUST AND CUSTOMER DATA WHAT ARE THE BIGGEST CHALLENGES IN GENERATING REVENUE FROM YOUR DATA? Our customers trust us with data We are selective in gathering, storing and analysing customer information We have suffered a significant security breach in the last 12 months Regulations prevent us from using data to achieve business goals Only use data we collect Buy data and sell or share our data Buy data but don’t sell or share our data Only sell or share our data but don’t buy Primary business is selling data 47% 22% 0.6% 0.4% 27% 86% 82% 34% 63% Fear of giving insights to competitors Internal departments control own data Worry about negative public reaction Not a priority for senior management Regulatory restrictions Don’t want to increase risk of cyber-attack 25% 21% 15% 14% 14% 13% Very effective Somewhat effective Don’t consider it effective HOW DOES DATA FLOW BETWEEN YOUR ORGANISATION AND OTHERS? ASIA 63% NORTH AMERICA 58% EUROPE 56% New revenue from products/services 29% Innovation in products/services 27% New business line to monetise data 24% New business model/strategy 27% New working practices 29% New industries or markets 29% New technologies 43% New partnerships 27% A data-driven landscape Companies increasingly perceive data as a strategic resource Sponsored by Data meets the bottom line While more companies are capitalising on the opportunities represented by data, fewer are selling and profiting on the data they collect Barriers and best practice Organisations face a number of challenges in seizing the possibilities presented by big data without alienating authorities or customers. Charting a path for the future Regulators and consumers must brace for this change, while companies should do more to integrate data considerations into their strategic planning. Used and traded in the right way, data has the potential to benefit companies and their customers alike. The Economist Intelligence Unit surveyed 476 senior executives from the USA, Japan, the UK, Australia, Canada, India, Germany, France, Spain, Argentina, UAE and Singapore. About half (47%) of respondents are board members or C-level executives. © The Economist Intelligence Unit, 2015 THE BUSINESS OF DATA: FROM INFORMATION TO INCOME A startup or entrepreneur An existing customer A company from outside your industry An existing supplier A major tech platform company (eg, Google) A company from within your industry 29% 12% 8% 8% 6% 5% Companies are poised to share and even sell more data in the future. 16% 18% Create a new business unit Give an executive responsibility to monetise Collect more 21% 36% Invest more in technology 14% Recruit talent with data experience 17% Launch new product / service