In addition, machine learning can support R&D cost reductions of between 10 and 15 per cent and time-to-market improvements of up to 10 per cent, while automation rates of 30 per cent are possible across functions (McKinsey, 2017a). Data are often referred to as "the new oil", presenting substantial revenue opportunities for businesses within and beyond the ICT sector. Most industries are investing in turning the massive amount of data flowing from loT sensors, industrial meters, connected devices, smartphones, wearables, and any kind of web-based services, into actionable insights.