Inside the Datavores – summary document
This briefing summarises the findings of an analysis of the link between data activity and business performance in a sample of 500 UK companies that are active online. Big data has been touted as a vital resource for business but until now there has been little hard evidence of data’s positive impact on the bottom-line. This briefing paper describes the background, data, method and findings of this analysis of the link between data activity and business performance.
If you believe what you read, businesses in seemingly every sector of the economy can reap rewards by making better use of their customer data, from information gathered through marketing campaigns to web analytics and transaction data. Technologies like NoSQL, a flexible type of database, and Hadoop, a framework for distributed data processing, have slashed the costs of storing and managing large data sets. Advances in data mining, artificial intelligence and network science have made it easier to extract valuable insights from this data too.