In this video, Richard Kellett, a Director at SAS UK & Ireland and Shehan Mohamed from the Centre for Economics and Business Research discuss the impact of Big Data on business.
SAS recently released a research report indicating that businesses are starting to recognize the value of big data, with one in five large UK businesses assigning financial value to their data on the company balance sheet. The study found that despite the potential to add £216 billion to the UK economy and create 58,000 jobs over the next 5 years, businesses are slow to change their attitude towards Big Data, with 40% of UK business leaders saying analytics are underused in their organisation.
The fact that organisations recognise the value of data more than they did five years ago illustrates a new paradigm; that big data is the new ‘corporate gold’,” explained Mark Wilkinson, UK managing director, SAS UK & Ireland. “Organisations that demonstrate their understanding of what we call ‘data equity’ by giving it value on the company balance sheet are already seeing dividends in terms of company performance and strategic decision making. It’s time that business leaders embrace high-performance analytics more widely to unleash the true value of data and drive business innovation, creation and efficiency.”