What big data means to the Fortune 500

What big data means to the Fortune 500

Stephanie Mehta , Michal Lev-Ram , Shawn Tully

@FortuneMagazine

JUNE 2, 2014, 9:01 AM EDT

This year everyone from Barack Obama to Aetna CEO Mark Bertolini is talking about big data. We asked five Fortune 500 executives what it means to them.

Phil McAveety

Chief  brand officer
Starwood Hotels & Resorts Worldwide
Fortune 500 rank: 424
Ticker:  HOT -0.16% 

Our oldest hotel, the 600-year-old Goldener Hirsch in Salzburg, has a tunnel from the general manager’s office overlooking the front desk so he can see and hear new arrivals and greet each guest like an old friend. Big data is a 21st-century version of this tunnel. Really knowing our guests means we can send people offers that matter to them, customize their visits, do more that they actually want, and avoid doing things they don’t, which makes us better operators while providing our guests superior experiences. –As told to Anne VanderMey 

Rory Read

Chief executive officer
Advanced Micro Devices
Fortune 500 rank: 474
Ticker:  AMD -0.76% 

For me, big data means the end of this historical separation between what was in the local data center and what was on our personal PCs. The cloud is going to become the center of all information, video, content — and we’re going to be able to access it all from our devices. It’s going to change the world. –As told to Stephanie N. Mehta

Jamie Miller

Chief information officer
General Electric
Fortune 500 rank: 9
Ticker:  GE -0.15% 

Big data is transforming how we deliver service for our customers, while simplifying the way we run our company. We firmly believe that the apps and services that can be built off of big data from machines will unlock new levels of productivity and value for our customers. It also helps us analyze and simplify the things that drive employees crazy, removing complex systems and arming them with the technology and insights they want and need to do their jobs. –As told to Michal Lev-Ram

Ellen Richey

Chief enterprise risk officer
Visa
Fortune 500 rank: 238
Ticker:  V -1.03% 

Data use holds the promise of making new connections between dispersed bits of information creating value, both economic and social. In the context of risk management, data analytics help us identify criminal patterns and create next-generation intelligence that saves our financial institutions and retailers millions in fraud losses, while providing consumers with peace of mind. –As told to Anne VanderMey

Gregory Hayes

Chief financial officer
United Technologies
Fortune 500 rank: 45
Ticker:  UTX 0.36% 

This is a data-driven company. Pratt & Whitney uses information from sensors on its jet engines to forecast when maintenance can be performed most effectively and efficiently. UTC Aerospace Systems uses Health and Usage Management Systems to boost aircraft readiness, enhance flight safety, and lower maintenance costs. Advanced data analysis will grow as we find more ways that it can help us improve performance while lowering costs for our company and our customers. –As told to Shawn Tully

 

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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