Data is the new oil of the 21st century and there is no doubt about it.
Two-thirds of the CEOs of the Forbes Global 2000 companies will have digital transformation at the center their corporate strategy by the end of 2017, according to NTT Com Asia’s “The Business of Data” whitepaper.
The whitepaper, conducted by the Economist Intelligence Unit, notes that by unlocking insights from real time data, businesses could guarantee that they are making the right decision at the right time.
Data is becoming vital to decision-making and business success – the data market is growing at compound annual rate of 23% through 2019 to reach almost US$50bn according to IDC.
A large majority (83%) of those polled say that their firms have used data to make existing products or services more profitable, and over two-thirds (69%) feel that there is a case for starting a new business unit dedicated to developing data-related products or services. Data is increasingly being seen as the raw material that supports and informs a company’s efforts to meet key performance indicators and the expectations of its customers.
Almost 60% of survey respondents say their organizations are already generating revenue from the data they own and will continue to do so, with the rate slightly higher in Asia (63%) than in North America and Europe (58% and 56%, respectively).
This variance may be connected to the relatively nascent state of regulations around data in some Asian markets, compared to the more established, and stringent North American and European regimes.