Monday, 20 May 2013
Improving Big Data analysis by 10% could yield big returns
By Horace Chow, VP and GM of Database & Technology, SAP China | Jun 7, 2012
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Digg
PrintA study conducted by the University of Texas, and sponsored by Sybase, on the business impact of effective data revealed that if the median Fortune 1000 company increased the usability of its data by 10%, it could result in an increase of $2.01 billion in revenue and lots of new jobs. The researchers paid close attention to quality, usability, intelligence, mobility accessibility of data and sales mobility.
The study revealed that employee productivity is affected by increasing the usability of data. Each employee will find a different purpose for the same set of data, and in many cases the outcome will depend on the granularity of the data being accessed and the person's purpose for accessing the data. Similarly the benefits will vary by industry (see Figure 1).
Figure 1 Impact of a 10% improvement in data usability on productivity
The accuracy of analysis usually gets better with the increase in the size of the data. Trends can be gleamed and patterns become more visible as we add more data into the mix. Users are then able to make intelligent recommendations on the next step.
The ability to react fast to market changes can become a critical factor in the ability of a business to survive external market forces. As an organization grows in size, empowering employees with remote access to time sensitive information can be vital to the business' survival.
A sizeable chunk of business operations now involve a mobile workforce, which involves the ability of sales persons to use portable devices and applications to exchange information related to all aspects of a deal or transaction with a customer.
