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Retailers are taking advantage of big data like never before, and it's paying dividends, so finds new research from Accenture.
Some 92 percent of executives from companies that are applying big data said they are satisfied with the results, according to a survey, and 89 percent identified big data as either "very important" or "extremely important" to their businesses' digital transformation. Further, 82 percent agreed big data provides a significant source of value.
“Businesses are at a transition point where instead of just talking about the potential results that can be achieved from big data, they are realizing actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations,” said Narendra Mulani, senior managing director, Accenture Analytics. “They’re recognizing that big data is one of the cornerstones of digital transformation.”
Additionally, executives said their companies use big data moderately or extensively to identify new sources of revenue (94 percent), retain and acquire customers (90 percent), and develop new products and services (89 percent).
Big data benefits
In terms of the tangible benefits yielded by big data, participants noted new sources of revenue (56 percent), new product and service development (50 percent), winning and keeping customers (47 percent), and enhancing the customer experience (51 percent).
And when asked where they expect big data to have the biggest impact on their organization in the next five years, 63 percent said “customer relationships,” 58 percent said “product development,” and 56 percent said “operations.”
Big data challenges
Survey participants also noted some obstacles to successfully using big data. Of the top challenges, executives noted security (51 percent) followed by budget (47 percent), lack of talent to implement big data (41 percent) as well as to run big data and analytics on an ongoing basis (37 percent), and integration with existing systems (35 percent).