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Current as of 23/05/17 07:40PM NZST
Sophie Ryan is online editor for the Business Herald

Big data worth $4.5 billion to New Zealand

Qrious chief executive Ed Hyde says big data is a "strategic advantage" for businesses. Photo / Supplied
Qrious chief executive Ed Hyde says big data is a "strategic advantage" for businesses. Photo / Supplied

Big data and sophisticated analytics offer $4.5 billion in value across New Zealand business.

As businesses increasing digitalise their operations large data sets can be collected. The data sets can be analysed to show trends and associations, which can be used to improve productivity.

Ed Hyde, chief executive of Qrious, says big data analytics is a "strategic advantage" with which not enough Kiwi businesses are arming themselves.

"If you're really good at data and analytics you become a better business as a result."
Data capabilities make businesses run efficiently and allow businesses to tailor their services more effectively, Hyde says.

Government and banking were two areas Hyde said had their heads around big data and were using it well.

"Some of the work that's done around fraud in banks is pretty sophisticated, but if you take an average, we're falling behind."

Hyde said businesses needed to feel confident to grasp the concept and get started with seeing the benefits of analytics.

"It's about having enough will and desire to break inertia and get started," he said.

The economic benefits of data driven decisions across all industry in New Zealand is valued at $4.5 billion, Hyde said.

The benefits come from using data driven decisions to run businesses more efficiently, make marketing more relevant, and taper products to meet customers' desire better.

Hyde's Qrious was set up two and a half years ago as part of the Spark Digital redevelopment. It reached break-even a few months ago and currently has a team of 50 staff working in a range of data science and data engineering roles.

"Our growth aspirations are pretty significant over the next couple of years. We want the business to be a $20 million to $30 million business in the next couple of years and I see us going north of 100 employees in the next 12 months."

Hyde is the keynote speaker at PwC Herald Talks: Big Data on Wednesday July 27 at 7am at SkyCity Theatre. Tickets are available at iTicket.

- NZ Herald

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