Deloitte leader: Utilizing data to create value

John Hagel, co-chairman of Deloitte LLP’s Center for the Edge, participated in the panel discussion – “Data in the Driver’s Seat” at the first day of the 2016 Summer Davos Forum in Tianjin. He exchanged views and ideas with other panelists on how “big data" has affected the decision making approach of businesses. According to John, companies may be able to capture and analyze data, but they may not manage to fully utilize data in reshaping their business models. Companies should think about how to utilize “big data” in order to create value for their customers.

After the panel session, John was interviewed by CBN TV and Hexun.com on how “big data” is disrupting business models. He said companies now have a deeper understanding of their products, and can even predict the usage by consumers. By adjusting their business strategy, companies can create more benefits for consumers. He believes that China is transforming from an export-oriented economy to a consumption driven economy. Economic growth is fueled by the service industry, which is underpinned by local demand. There are both challenges and opportunities and companies would need to embrace innovation to seize the opportunities.