[The Friday Find - A new series that covers fascinating innovations and amazing creations in the world of Mobile business and technology]
Ask every business executive the most common buzzword in his radar and chances are big data will make the list. Without a doubt it is one of the most talked about topics in the technology and business world today. Everyone understands there is huge data being generated and that this data dissected and analyzed is going to be of immense use to the business.
Businesses have many interdependent variables that affect its success and growth. In the past it was difficult to analyze these variables in a systematic manner.But today with big data analytics it is possible to analyze each variable’s effect on business and its overall performance.
Today we are looking at extensive use of the mobile for business transactions.This generates extensive data – data that is of critical importance as more and more customers engage with companies through the mobile while making purchase decisions.This data if analyzed correctly, can be of great value to companies.
Some revealing statistics about Big Data & decision-making in organizations:
- 75% of respondents believe their organization to be data driven (Economic Intelligence Unit)
- 64% of executives that PwC interviewed said big data has changed their decision making at their companies (PWC)
- Only 12% of data is analyzed by most of the companies(which means 88% of data is not analyzed and can be of great value) (Forrester Research)
- IDC Estimates that by 2020,business transactions on the internet- business-to-business and business-to-consumer – will reach 450 billion per day(IDC)
- The digital universe will grow from 3.2 zettabytes today to 40 zettabytes in only six years. (One zettabyte is roughly a billion terabytes) (Hadoop Summit 2014 )
- Poor data can cost businesses 20%–35% of their operating revenue (Forbes)
These statistics tell us the gradual shift towards data based decision making as the norm.
How valuable is Big Data based decision making? Share your thoughts
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