The amount of data that is created and stored every day across every industry is almost incomprehensible. Especially, with the universal adoption of smartphones, IoT and cloud technologies have increased the means to data from various digital channels. Enterprises are scrambling to find a way to handle these data streams and generate greater business value for this data. This is where big data comes in.
Big Data Trends to Watch
Here are some interesting trends that showcase the rising demand for Big Data:
- 59 percent of executives say Big Data would be improved through the use of AI -PwC
- In 2019, Big Data and business analytics was expected to generate 189.1 billion USD worldwide and by 2022 it is expected to be 273.4 billion USD.- Statista
- Big Data Benefits: make strategic decisions (69 percent), improved control of operational processes (54 percent), a better understanding of customers (52 percent) and cost reductions (47 percent)- BARC, BI-Survey.Com
- Big Data market revenues are projected to increase from $42B in 2018 to $103B in 2027- Forbes
- 72.6 percent of enterprises are seeking to decrease expenses through operational cost efficiencies, with 49.2 percent reporting successful results from their cost reduction efforts as a result of Big Data investments. - Big Data Executive Survey 2017, New Vantage Partners LLC.
- Worldwide revenues for Big Data and Analytics (BDA) solutions is expected to reach $260 billion in 2022 with a compound annual growth rate of 11.9% between 2017-2022.- DataQuest
- It is estimated that Big Data investments in the financial services industry will account for nearly $9 billion in 2018 alone- Research and Markets
Why Big Data Is Crucial to The Enterprise
Big Data is high-volume, high-velocity and high-variety information assets that demand cost-effective, innovative forms of processing for enhanced insight and decision making.”
There are a plethora of reasons Big Data is quite useful. Big Data can provide answers to hundreds of questions that companies didn’t even know they had to begin with. A study by Forbes reveals that 79 percent of enterprise leaders state that not adopting Big Data will result in market loss.
The information you can collect with Big Data is capable of being used and tested in any way the company sees fit. Because of this, businesses are now able to find trends in data as well as pinpoint any issues they may have. Being able to collect large subsets of data allows the company to detect and eliminate problem areas before they become unmanageable.
Basically, Big Data gives much more control over strategic decision making and another benefit Big Data can bring is the ability to track progress on multiple projects by multiple employees and provide constructive feedback via online performance-based tools.
It has been noted that if an employee is able to review their performance metrics online, they are more likely to respond and make efforts to improve, versus having a one-on-one with their superior. It also removes the “human” element from the equation, giving the employees a much more direct and accurate result versus the potential bias that may occur with a manager.
Improved Business Value at Optimized Business Costs
Across the company, nearly every industry can use the information they collect with Big Data for cost savings. The travel industry uses Big Data to track pricing for various airlines and lodging. Shipping companies can determine the best routes to save time and fuel. Healthcare companies are able to investigate different types of symptoms for hundreds of ailments and correctly diagnose patients faster. The best thing that Big Data does is it evaluates and provides a detailed outlook and analytics info into the huge list of enterprise resources, thereby enabling business leaders to optimize resources intelligently to deliver better business value.
- Less Wasted Time: Take out unnecessary, antiquated processes. Streamline your systems and your processes. Discover if employees are struggling with a particular task and learn how to correct and improve said task.
- Resource Optimization: Big Data is capable of provided you with the data to help you make educated decision on your resources. For example, you can maintain a proper level of stock in a warehouse and know when to ship out stock to other locations or understand the seasonal demands of your workforce.
- Improved Data Accuracy: Reduce human error and collect more precise answers by obtaining accurate data. Now you can understand your target audience, your operating expenses, stock on-hand, and more. Compiling all this data together will give you a better view of your company, which in turn will give you a competitive edge against other businesses in your industry.