Almost half of the firms surveyed in the Asia-Pacific region believe that big data can improve revenue by 25 per cent or more, with HDS projecting a potential US$250-billion (Bt8 trillion) revenue increase among the more than 500 companies surveyed. However, more than half of firms have made little or no progress in their big-data strategies.
Wikipedia defines “big data” as a collection of data sets “so large and complex that it becomes difficult to process using on-hand database-management tools or traditional data-processing applications”.
Executives at HDS believe it is essential for business executives to adopt a new approach where they think of data as a “capital asset” and to define a holistic big-data strategy that will deliver insights and intelligence. This change in focus will enable organisations to innovate with information and generate incremental income.