Want to Benefit From the ‘Cloud’? Figure Out Your Data

Google Drive and Dropbox may help average Web users store documents and data in the cloud, but for corporations that generate massive amounts of information across multiple networks, migrating to the cloud is a bit more challenging.

Beyond the logistics of how to bridge the gap between existing networks and the cloud, part of that challenge involves simply identifying which data can actually be used to help improve a company's business strategies, according to management and technology consulting firm Accenture (ACN).

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"Our clients are looking to drive new revenue growth and new services with the cloud as well as new ways to enter markets as they look at their business models going forward," Accenture Chief Technology Officer Paul Daugherty told "Big Data Download."

"We're working with five of the top 10 retailers globally on new digital retailing models and new ways to leverage analytics to drive significant results: Revenue growth in the hundreds of millions of dollars as they look at their customer bases,” he said.

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But there's much more work to do in retail, and across other sectors as well. In a survey of 600 executives, Accenture found that only 39 percent of the businesses represented said the data they generate are relevant to their business strategies, and only 22 percent said that they're happy with the business outcomes driven by their current data analytics.

Accenture said it's investing $400 million in the next few years to expand its cloud offerings. The company is currently working with 25 cloud providers and it expects that number to keep growing.

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