After surveying 476 executives around the world, it found that those based in Asia are leading the way – where 63% said they are routinely generating value from data. In the US, the figure was 58%, and in Europe, 56%.
This makes it clear that businesses are finding more and more ways to turn data into value, but at the same time, the report found, many are hitting stumbling blocks which are frustrating those efforts. Just 34% of respondents said that they feel their organizations are “very effective” at being transparent with customers about how data is used. And 9% say they feel that they are “totally ineffective” in this area, which is crucial to building customer trust.
For businesses which are built around customer data (or those which are repurposing to be so), customer trust is absolutely essential. We have seen that people are becoming increasingly willing to hand over personal data in return for products and services that make their lives easier. However that goodwill can evaporate in an instant if customers feel their data is being used improperly, or not effectively protected.
The report states that ‘Big Data analysis, or the mining of extremely large data sets to identify trends and patterns, is fast becoming standard business practice.
Global technology infrastructure, too, has matured to an extent that reliability, speed and security are all typically robust enough to support the seamless flow of massive volumes of data, and consequently encourage adoption.”