Data analytics provide UK businesses with the opportunity to combine, consolidate and then analyse large datasets to find previously hidden insights and knowledge.
For example, by identifying patterns in customer behaviour, common customer likes and dislikes and previously unknown customer requirements businesses can develop personalised goods and services based on consumers’ needs and wants.
The opportunities for private sector adoption extend right across sectors and industries. Retailers are using Big Data and data analytics to increase customer interaction, develop personalised services and reduce costs and increase operational efficiency. Similarly, media companies are using Big Data technologies every day to provide its users with a service that is personalised and responsive, in real time, to customer needs.
Financial institutions are adopting Big Data Analytics to provide same-day banking services to corporate customers, enhanced services to credit card customers and as a tool for combating insurance fraud.
The harnessing of Big Data not only makes a considerable economic contribution to the UK in terms of GDP and employment, but can also play a role as a driver of productivity right across the private sector. Big Data should also play a fundamental role in improving quality and efficiency in the delivery of public services in a parliamentary cycle which will likely see sustained reductions to public sector expenditure.