Facts and Figures

MOST INTERESTING FACTS YOU OUGHT TO KNOW
  • Most organizations are now deploying technology driven by Data Analytics for experience enhancement and risk mitigation.
  • In a survey of 1,062 senior business and technology executives, from the US and the UK:
    • 31% identified the use of Analytics with experience enhancement through technological devices and interconnected integrated systems. The latter help us make life easier and work more efficiently.
    • 28% were interested in leveraging Analytics for risk mitigation.
    • 23% wanted to develop new business models by unearthing the latent needs of customers and offering innovative products and services, such as new tech devices more interconnected.
    • For 18% the priority was revenue and profit maximization through increased channel effectiveness.
    • In the US and Europe, 32% and 34% respectively wanted analytics for experience enhancement.
    • In Australia/New Zealand 31% wanted it for risk mitigation.

What does the survey mean?

  • Data creation worldwide is growing continuosly:
    • 5 quintillion bytes of data were created every day in the last two years.
    • 90% of data in the world was generated in the last two years, with no signs of slowing down.
    • Google now processes more than 40,000 searches every second.
    • Smart device ownership will grow to 50 billion by 2020.
    • 50 % of the data generated will soon be outside the corporate data center, generated by IoT applications & Edge Computing devices.
  • Companies can take advantage of this deluge of new data:
    • They need to understand data and how to get value from them…
    • Following the secuence in the Analytics value chain to gain knowledge of the different stages of data treatment:
      • Adquisition
      • Processing
      • Surfacing
  • Businesses spent an enormous amount of time, money and resources to achieve GDPR compliance by the May 2018 deadline.
  • The investment is likely to be substantial (a trend to continue in 2019).
  • November 2017 report by Sia Partners:
    • It is likely to be £15 million on average for a FTSE100 firms.
    • Organisations in the UK have woken up: to achieve continued compliance they must adopt a new way of life.
    • The risks of failing to comply are substantial:
      • The BA (British Airways) data breach (21 August to 5 September 2018) raised immediate speculation about likely future fines.
      • Google was hit with a record fine for breaching GDPR:
    • The 50 mill € (£44m) fine by French regulator CNIL was triggered by complaints on Google’s handling of people’s data.
    • CNIL levied the fine for “lack of transparency, inadequate information and lack of valid consent regarding ads personalisation”.
  • In a survey of 618 European and American firms, which use BDA (Big Data Analytics) and IoT (Internet of Things) applications, both behave similarly regarding Data Quality and how competitive data is created.
  • In a study involving 75 executives, only 3% said their departments fell within the minimum acceptable range of 97 or more correct data records out of 100.
  • 47% of newly-created data records have at least one critical (e.i. work-impacting) error.
  • Only 3% of the Data Quality scores in our study can be rated “acceptable” using the loosest-possible standard.
  • Individual tallies range from 0% to 99%
  • Negative impacts of poor-quality data:
  • Undermining confidence: 84% of CEOs are concerned about the quality of the data they’re basing decisions on, according to KPMG’s “2016 Global CEO Outlook.”
  • Reputational damage: recall Apple’s widely panned Maps rollout in 2012. It was clear that much of the underlying data was inaccurate or missing, resulting in a product that TechCrunch called “barely usable.”
  • Bad Data wastes time, increases costs, weakens decision-making, angers customers and makes it difficult to execute any sort of data strategy.

A large-scale survey (18,816 firms in Italy), has empirically tested the synergistic effect of social media diversity and BDA (Big Data Analytics):

  • The research, using as example social media Analytics, theoretically explains and empirically tests the market performance impact of BDA.
  • Value is found through social media diversity (gathering Big Data from diverse social media channels) and BDA, for analyzing the gathered Big Data.
  • 76% of UK firms implemented at least one Big Data project in 2017.
  • This figure will continue to grow year on year.
  • Innovative companies are establishing company-wide data focused cultures.
  • This means the Chief Data Officer (CDO) is becoming increasingly important.

Decision Server Insights (DSI) is an IBM scalable transactional event processing system, with rule-based temporal reasoning and Analytics capabilities:

  • DSI provides the tools to build scalable solutions that listen for and respond to events that affect your business.
  • You can use this insight on your business activities to make informed decisions and initiate the correct actions.
  • Events happen to real-world objects –such as customers, patients, or trains– and these objects are modeled as entities.
  • A DSI solution can update the state of these entities, as a result of an event, and alert you to possible inefficiencies, opportunities, and threats in the real-world.
  • DSI uses a four-step approach to help your business decide what actions to take at the right time:
    • Sense what is happening.
    • Buildthe context of your situation.
    • Decidewhat to do when something happens that affects the situation
    • Acton the changed situation by doing something. Read more

IBM SPSS Solutions (Predictive Analytics) used by Telco Churn Management uncovers:

  • Key predictors that detect churn propensity well before the customers consider it…
  • And then identify the correct action to take for each at-risk customer:
    • The core model scores a customer on how likely he/she will cancel a contract within a given time (2-3 months), a period allowing for retention actions to be taken. Read more