Data Research Firm: 96 Percent of Companies That Exist Today Will Fail in 10 Years

The rise of big data and analytics technology promises to change that situation.

Few companies have what it takes to tap into big data riches, and the consequences may be dramatic.

Singapore-based data science firm DATAVLT says that 99 percent of corporate data is wasted and never used to draw knowledge from it.

Only one percent of the data companies collect and store is ever analyzed.

This, according to DATAVLT, will cause as much as 96 percent of businesses that exist today to fail in 10 years.

Worldwide, big business is coming to realize the importance of data analytics.

In absolute numbers, spending 9.2 percent of a marketing budget of, say, $10 million is $920,000, and not an uncommon price tag for data analytics projects.

Amazon spends $7.2 billion on marketing worldwide, and data analytics is Amazon's core competency.

The company targets its affordable Software as a Service data analytics product specifically to smaller and medium business, seeing the most potential demand in the Asia-Pacific region.

In essence, DATAVLT's platform crosses all available and relevant customer data, for example, services consumption, communication and behavior, with different external and open data sources.