Why Big Data is the Next Frontier for Innovation and Competition
The speed at which data is currently being produced and collected is providing businesses with an interesting puzzle. They need to come up with ways to manage the increasing volume and make sense of all the information. This is easier said than done with 2.16 exabytes being created every single day.
Yet still they persist as the rewards are great for those that can crack Big Data. They have the potential to improve decision-making, hasten business innovation, and institute a higher level of transparency. With the ability to collect more detailed information, businesses can create more finely tuned products for their customers.
Effective use of Big Data can produce the following results:
- 8% savings on national health care costs
- 60% increase in operating margins for retailers
- 50% reduction in product development costs for manufacturers
Companies recognize the implications and are acting accordingly:
- 57% note that there has been an increase in available technologies for management and analysis compared to last year
- 73% of companies are presently leveraging data to increase their revenue
- 83% of CIOs are planning to include analytics to improve competitiveness
- 91% of companies are already using tools to handle and examine data
Ultimately, however, it’s people who will ultimately interpret the data:
- 56% of IT executives think that finding the right staff is the more pressing concern
- 60% of the demand for analysts may be unmet by the supply in 2018
- 71% of Chief Marketing Officers are candid about their lack of preparedness for the data explosion
- 88% of businesses with dedicated analysts have been able to convert data into revenue
To learn more about the power of big data, take a look below at the infographic created by the New Jersey Institute of Technology.
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