The use of big data analytics is on the rise and it will play a central role in business operations for years to come.
This has largely been driven by two things: the proliferation of big data in SMBs; and the ability to afford and implement technologies that can leverage this data—most notably ERP tech.
What SMBs want to know is: How will big data analytics actually help my business, and what improvements will I see from these initiatives?
We’ve put together this infographic to show you how organizations are benefitting from data analytics. Take a look!
Technology solutions are becoming an increasingly important factor in the budgets of modern SMBs. Modern systems help centralize and analyze your data, giving you actionable insights for better decision-making. Learn more about how our business intelligence consulting services can help your organization.
Big data is here to stay, and the capability of businesses to leverage the data sets and information in their companies will be a determining factor in their competitiveness both today and in the future. Analytics, and the ability to retrieve actionable insights from data, are key. Here are 10 ways analytics give businesses a boost!
- By 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.
- Data-driven organizations are now 23x more likely to acquire customers, 6x as likely to retain customers, and 19x more likely to be profitable.
- 83% of business leaders have pursued big data projects in order to seize a competitive edge.
- 63% of organizations report that the use of big data and analytics is creating a competitive advantage for their business.
- Using big data to the fullest can increase a business’s operating margin by more than 60%.
- Businesses surveyed in a BARC report that use big data saw an average profit increase of 8%, and a 10% reduction in overall cost.
- 76.5% of executives agree that the proliferation and availability of data is empowering AI and cognitive learning initiatives within their firms — in essence, leveraging big data has knock-on effects.
- 73% of businesses said they have received measurable value from implementing big data initiatives.
- Data-driven marketing leaders are 6x more likely to gain competitive advantages and profitability.
- The average ROI for enterprises using business intelligence and analytics is 1300%.