DURBAN - Many business owners and Chief Executives have introduced Big Data into their operations, yet few can leverage it for a competitive advantage.
According to the PwC 22nd annual survey launched at the World Economic Forum annual meeting in Davos, Chief Executives are still failing to take advantage of the Data Analytics and AI investments in their organisations.
Yudhvir Seetharam, Head of Analytics at FNB Business said that Big Data has introduced a fundamental shift in the traditional role of the business owner or Chief Executive. If a much more direct and hands on approach is not adopted, millions will continue to be wasted on Big Data efforts that never materialise.
Seetharam points out mistakes that prevent Chief Executives from leveraging Big Data:
Integration with business strategy – Big Data often fails to be integrated into key processes and operations of the business without the intervention of the Chief Executive and senior leadership. Active involvement of the Chief Executive results in a more positive and sustainable approach.