Data arrive on a daily, hourly and real-time basis and businesses today are struggling more than ever to use these efficiently.
Not only are data volumes increasing almost exponentially, but they are no longer constrained to words and figures, but include images, sound and video from an array of sources, including remote sensors, financial data feeds, Facebook and Twitter, says Rob Morris vice-president of financial services at IBM Global Business Services UK&I writing in the Daily Telegraph, UK.
The challenge is to gain insight from this wealth of data in order to spot future trends and identify potential areas of growth.
While firms in all sectors know that they need to understand data and gain insight for competitive advantage, few understand exactly how this can be done. This problem is particularly acute in the finance sector. We surveyed more than 7,300 consumers in 13 countries and more than 2,500 leaders from 500 firms to determine how banks are getting in shape for the future. The study found that the cost income ratios of many Western banks have fallen far behind those of their Asian counterparts, and that banks in all regions are still failing to integrate their systems to provide the level of transparency required to have a single view of their risk, of each of their customers and of every transaction.