Capgemini has announced the findings of a global survey into the use of Big Data in corporate decision-making. The Economist Intelligence Unit report "The Deciding Factor: Big Data & Decision making", commissioned by Capgemini, reveals that nine out of ten business leaders believe that data is now the fourth factor of production, as fundamental to business as land, labour and capital. The study among over 600 C-level executives and senior management and IT leaders worldwide indicates that the use of Big Data has improved businesses' performance, on average, by 26 per cent and that the impact will grow to 41 per cent over the next three years. The majority of companies (58 per cent) claim that they will make a bigger investment in Big Data over the next three years.
Two-thirds of executives consider their organizations are “data-driven”, reporting that data collection and analysis underpins their firm's business strategy and day-to-day decision-making. Leaders who base their judgement on a combination of experience and instinct are becoming increasingly rare. Over half (54 per cent) say that management decisions based purely on intuition or experience are increasingly regarded as suspect and 65 per cent assert that more and more management decisions are based on "hard analytic information". That figure rises to 73 per cent for the financial services sector, 75 per cent for healthcare, pharmaceuticals and biotechnology and 76 per cent for energy and natural resources companies. The majority of executives (58 per cent) rely on unstructured data analysis including text, voice messages, images and video content, while over 40 per cent say that social media data in particular has become increasingly important for decision-making.
"The exploitation of Big Data fuels a step change in the quality of business decision-making. But it is not only through harnessing the many new sources of data that organizations can obtain competitive advantage. It is the ability to quickly and efficiently analyze that data to optimize processes and decision-making in real time that adds the greatest value. In this way, genuinely data-driven companies are able to monitor customer behaviors and market conditions with greater certainty, and react with speed and effectiveness to differentiate from competition," said Paul Nannetti, Global Sales and Portfolio Director, Capgemini.