Big Data Use at its Infancy But Business Can See Future ROI
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The most popular use of ‘Big Data’ in UK businesses is for sales and marketing activities, according to MBN Solutions’ ‘Big Data Survey 2013’.
In fact, over 80% of the 135 survey respondents indicated that generating new revenue was the main objective of harnessing and leveraging their data. And 95% said that this emphasis on revenue generation would become “increasingly more acute” in the years to come.
MBN is a Glasgow-based recruiter of data analytics and insight professionals. In MBN’s first annual Big Data survey, the results also revealed that 71% of the 135 respondents have used data analysis to aim to predict and analyse “future business activities across a wide range of functions”.
“Interestingly, as companies get larger they are more likely to also use data for competitive intelligence and modelling against peer competitors,” Paul Forrest, MBN non-executive chairman, told a London audience of decision makers and senior analytics and marketing professionals at a November event, which Recruiter also attended.
Respondents suggested that they currently see “a reduced return on investment [ROI]” in harnessing and leveraging their Big Data but also were optimistic about the future prospects for greater ROI. “More than 40% believe the initiatives will eventually deliver what is expected,” Forrest said.
A frequently referenced issue was, Forrest said, “the ongoing problem of the importance of the tools. Our survey indicates that 72% of respondents consider that tools are only the start, and that people are the real key to unlocking the value in promise”.