Big data means big money for European businesses

New report says new tech can unlock huge revenue streams.

Implementing new digital technologies can open new revenue streams and 'dramatically' improve earnings for European businesses, a new study suggests. The study, entitled 'The Work Ahead – Europe's Digital Imperative', was published by Cognizant and Roubini Global Economics, and is a part of a wider, global study on digital transformation and how it will shape businesses of the future. 

It says that new technologies such as AI (Artificial Intelligence), Big Data and blockchain will shape new business models. They will open new revenue streams, improve customer relationships and lower the costs of infrastructure. A total of $578 billion can be earned by 2018, it said.  Out of the 800 senior executives polled for the report, five per cent reported an increase in revenue from investing in digital technologies so far. 

They expect the potential revenue impact to reach 8.4 per cent. The problem, however, is that business leaders aren’t taking enough initiative. “To make the necessary shift to digital, leaders need to be proactive and prime their organisations for the work ahead,” said Euan Davis, European Head of the Centre for the Future of Work, Cognizant.  

“Slow innovation cycles and an unwillingness to experiment will kill an organisation’s ability to exploit the digital opportunities around them. Mastering the digital economy is an imperative. However, if deepening, broadening, strengthening, extending or improving your digital presence is not the number one priority on your agenda then you are playing by yesterday’s rules.” The full report can be found on this link.  

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