Businesses are inundated with data on a daily basis. The term big data relates to information, both structured and unstructured, that organizations have access to. There are several advantages of big data, but as the infographic suggests, many leaders don’t have the necessary skills or expertise to capitalize on its growth.
Organizational data is expected to double in size every two years, and in 2020, we have access to a staggering 44 zettabytes of data. In the world of business, big data offers a raft of benefits, including providing an insight into customer impressions and consumer fads, predicting trends and improving the efficacy and outreach of marketing strategies. Unfortunately, the US lacks around 1.5 million leaders capable of making data-based decisions.
One of the most notable benefits of big data is the value offered by analytics in terms of improving efficiency and customer experience. By 2018, US businesses had invested more than $114 billion in big data initiatives, and over half of companies had hired a chief data officer. For those who had measures in place, 39% experienced an increase in efficiency, and a quarter predicted a better user experience and improved ability to create new products and services.
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A case study involving Bristol-Myers Squibb outlines the potential benefits of investing in big data. The company experienced a 98% reduction in running times for clinical trials and increased the rate of processing jobs dramatically. Prior to investment, it took 60 hours to process a few hundred jobs. Thanks to big data initiatives, 2,000 jobs could be processed in just over an hour.
If you’re interested in big data, or you manage a business and you’re keen to grow and develop, take a closer look at the infographic below. Contributed Content.