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Putting Big Data to Good Use – Lyon Poh
December 11, 2015 Blog big data

This article was originally published by themalaymailonline.com and can be viewed in full here

Businesses around the world already know the importance of big data. But not everybody knows what to do with it. A 2014 survey of 144 major multinational corporations, commissioned by KPMG, found that more than half the respondents had already changed their business strategies to incorporate big data, which are extremely large sets of data that can be mined for useful information. They were increasing their capacity to collect, store and analyse big data, and training key personnel to use it for decision-making.

Investors are also fans of big data. A 2015 study by Institutional Investor Research found that out of more than 250 investors and sell-side analysts surveyed, 62 per cent were more inclined to invest in a company that uses big data to improve its performance or achieve its strategic objectives.

But while big data is becoming increasingly ubiquitous, many companies appear unsure how to put it to good use. Almost all the respondents in the KPMG survey felt that they had not fully tapped the benefits of big data. Nearly half said they had trouble integrating data technology into their existing systems and business models. Many were not sure what kind of data they should collect. What they did collect, they were unclear on how to analyse and interpret.

Companies need to incorporate big data into their strategic business thinking. Big data is exceptionally useful in the retail industry and other sectors where consumers’ preferences are linked to their behaviour.

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