What is big data?
Big data is a key asset that boosts business productivity and delivers competitive advantage, according to Deloitte.
The professional services firm said that technology is finally paying off, helping ease any apprehension about its deployment. It explained that many organisations have struggled to find a solid link between the initial investment in data and subsequent profit margins.
Deloitte consulting partner in Australia Tim Nugent commented that its analysis has shown "results to be more structural than strategic". Framing it in the context of the Australian economy, he explained that its robust nature had "dampened pressure on local businesses to dig deeper for insights and to invest in more data-driven processes".
"Technology shifts have left some first movers with write downs on their early investments," Mr Nugent continued.
"Furthermore, organisations that have pushed the boundaries on personal data use and retention have experienced difficulties in responding to regulatory forces and government scrutiny.”
Deloitte said that there are three emerging trends that back up data's claim to be a driver of innovation, helping organisations become leaders in their respective industries.
Data allows businesses to be faster, delivering real-time operational insights; smarter, insofar as progress modifies the 'cost model of data implementation'; and stronger, through greater collaboration with a community of big data experts.
Taken as a whole, you can begin to see how important data is for organisation's looking to revolutionise the way they work.
"Often the key to successful innovation is collaboration between businesses, research and education institutions," Deloitte. "In this context, the technology community, captivated by big data, plays a significant role in Big filling the skills gap left by underinvestment in data management capabilities.
"Big data is the cornerstone of success in the modern world.
It is now accepted that data is the cornerstone of success in the modern world. Organisations that have successfully levied insight from it have set a new standard of excellence and, in turn, benefited from substantial growth.
Deloitte is one of the Big Four professional services firms. The other three include KPMG, Ernst & Young and PricewaterhouseCoopers.