Ready for takeoff?
Overcoming the practical and legal difficulties in identifying and realizing the value of data
To secure top-line value from big data, enterprises need a holistic and strategic plan for identifying the opportunities, overcoming the hurdles and managing risks. Key points can be summarized as:
Think big, act small
Think strategic, act legal
Think customer, act trustworthy
Think value, act insights
Think innovation, act change
"Just as the pilot of a plane must complete a series of checks before taxiing down the runway, so business leaders must master the risks and opportunities of big data in order to get their enterprises flying."
Big data technologies represent a disruptive innovation that market-leading businesses will use to drive competitive advantage. Seventy-nine percent of business “decision-makers” believe that big data will boost revenue. The value of big data lies in the insights that businesses can draw from it, rather than in the information itself.
While big data offers huge opportunities, there are also serious risks, including the legal and regulatory hazards relating to issues such as data privacy that can result in breach of trust. Seventy percent of consumers say that they are “never happy” for companies to share personal information while 49% say that they will be less willing to share personal information over the next five years.
EY has conducted extensive research into how companies can improve top-line revenue and bottom-line results. Ready for take off is also based on EY point of views from leading sector experts and global analytics leaders. It focuses on following sectors:
- consumer products
- financial services
- life sciences
- power & utilities
Ready for take off is part of the EY CIO program but embraces all functions (Finance, Marketing, Sales, IT). The CIO program aims to facilitate networking and addressing the personal interests of CIOs as they develop themselves, their teams, their functions and their careers.