Big data: A high-stakes opportunity
Remember what life was like before big data? The term has become so prevalent in the business lexicon that sometimes it’s hard to remember that big data is a relatively recent phenomenon. Some may have viewed it as a fad, but data generated by people, processes and machines is only continuing to grow. Big data is here to stay.
Make no mistake, data is an asset—but not when you’re drowning in it. In the information age, one of your greatest resources can also be your biggest downfall if your organisation doesn’t know how to leverage it properly. So what can you do with your data?
Consider these actual scenarios:
- The healthcare industry spends roughly USD 250 billion on healthcare fraud per year. By 2016, this could grow to more than USD 400 billion a year. The US healthcare sector could create more than USD 300 billion in value every year using big data creatively and effectively to drive better efficiency and quality.
- One rogue trader at a leading global financial services firm created USD 2 billion worth of losses, almost bankrupting the company. Financial institutions now have a lot more data at their fingertips to help them prevent both external fraud (involving customers, account holders or policyholders) and internal, employee-related incidents.
- In Europe, governments could save more than EUR 100 billion (USD 149 billion) in operational efficiency improvements alone by using big data, not including using big data to reduce fraud and errors and boost the collection of tax revenues.
- Retailers miss out on USD 93 billion in sales each year because they don’t have the right products in stock to meet customer demand. A retailer using big data could increase its operating margin by more than 60 percent.
- Six billion global subscribers in the telecommunications industry—which is growing at double-digit rates each year —are demanding unique, personalised and often location-based offerings that match their individual lifestyles.
With such high-stakes costs and opportunities, the market is primed for big data solutions.
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