FILIPINO enterprises are encouraged to adopt big data technology to make them globally competitive.
Nikko Refe, manager for advisory data and analytics at Ernst & Young Global Services (Philippines) Inc., said that as businesses become borderless, it has become imperative for companies regardless of size to think of new ways they can get ahead of the competition.
One way to survive, Refe said, is by embracing big data and leverage on this to boost productivity and value creation that would lead to customer satisfaction, improve processes, increase profits and determine new business strategies.
“More companies are now looking at how they can get additional revenue streams through big data,” said Refe in his talk during SGV’s Digital Roadshow on Monday.
Big data refers to voluminous amounts of structured or unstructured data that organizations can potentially mine and analyze for business gains.
Market intelligence is one those that companies can get through big data adoption.
Refe said small businesses can take advantage of this mega trend, as it will help them determine specific information helpful for industries like retail, finance and telecommunications.
For instance, big data can help retailers determine the top selling items during weekends, enabling them to come up with campaigns that work, or create a competitive pricing model.
Big data can also help boost productivity in the workplace.
Refe said investing in a big-data savvy workforce may pose a challenge but would give employee satisfaction, as it would lead to improved processes and high-value tasks.
“Big data can help decision-makers look into or decide on what to do next (for their business to grow),” he said.
Asia Pacific is on top in terms of data analytics maturity, as most shared services in the world are located in this region. This is followed by North America, which ranked second, followed by Europe, Middle East and Africa.