Technology & Innovation

Companies preparing to monetise data, finds new EIU report

January 12, 2016

Global

  • Almost sixty-percent of organisations are already generating revenue from their data and will continue to do so. 
  • Eighty-three-percent say data are used to make existing products and services more profitable
  • Only one-third claim to be “very effective” about transparency with customers and how they use their data

A new report released today by The Economist Intelligence Unit (EIU) finds that companies are actively preparing to monetise their data. The Business of Data, sponsored by NTT Communications, surveyed 476 senior executives worldwide to find that almost 60% of organisations are already generating revenue from their data and will continue to do so, with the rates higher in Asia (63%) than in North America (58%) and Europe (56%). 83% of those polled say that their firms have used data to make existing products and services more profitable, and over two-thirds (69%) feel that there is a case for starting a new business unit dedicated to developing data-related products or services. 

Safeguarding customer privacy remains a key concern as companies seek to profit more from their data. While 86% of survey respondents say that their customers trust them with their personal data, only one-third of executives say that their firms are “very effective” at being transparent with customers about how they use their data and 9% admit to being “somewhat” or “totally ineffective”.

According to Naka Kondo, the editor of the report:

“Differences have emerged in the way companies, regulators and individuals are preparing for a world where data are increasingly seen as a commodity in their own right. The data literacy of individuals and of regulators will be crucial in defining the value, risk and benefits of data. Data considerations should be of prime strategic importance in the next three years, especially for companies looking to capture future opportunities in an expanding and changing market.” 

                             

Press enquiries: 

Hong Kong 

Laurel West, Asia director

 

+852 2585 3853

 

Tokyo 

Naka Kondo, associate editor

 

+81 (3)5223 8108

 

London

Mathew Hanratty, corporate communications manager

+44 (0)20 7576 8546

 

Notes to editors 

The report is based on a survey and interviews conducted in October 2015. The Economist Intelligence Unit surveyed 476 senior executives worldwide (approximately 50% C-level executives) in North America (31%), Europe (30%), Asia-Pacific (29%), Latin America (5%) and the Middle East (4%). In-depth interviews of industry executives, trade bodies and regulators were also carried out. 

 

About the Economist Intelligence Unit

The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist newspaper. The Economist Intelligence Unit helps executives make better decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information can be found at or .

 

About NTT Communications Corporation

NTT Communications provides consultancy, architecture, security and cloud services to optimize the information and communications technology (ICT) environments of enterprises. These offerings are backed by the company’s worldwide infrastructure, including the leading global tier-1 IP network, the Arcstar Universal One™ VPN network reaching 196 countries/regions, and 140 secure data centers worldwide. NTT Communications’ solutions leverage the global resources of NTT Group companies including Dimension Data, NTT DOCOMO and NTT DATA.

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