Innovation in technologies like Artificial Intelligence and Machine Learning, but also business innovation is required to take advantage of the new reality in which value is increasingly created from intangible assets.
Whether we realise it or not, this digital innovation is already penetrating many aspects of our lives and it was through forward-thinking businesses that it happened. Cryptocurrencies like Bitcoin and Ethereum, marketplaces like Amazon and Alibaba, and self-driving cars like those from Waymo and Tesla, have all completely disrupted their respective industries by leveraging the power of data and technology.
Evidently, those that adapt to this digital economy, thrive. According to MIT Sloan research, the companies that are adapting to a digital world are 26% more profitable than their industry peers. And yet, a recent EDPR report states that only 18% of enterprises use some type of Big Data source, which coincides with the findings from our recent survey on the state of Big Data here in the UK and highlights the fact that businesses in Europe have not yet ridden the digital wave.