According to the Harvard Business Review, almost 50% of Fortune 1000 companies state that their firms are achieving significant results from their big data investments. In fact, 49.2% of executives from these companies note that they have effectively decreased expenses due to their big data investments.
What opportunities lie within data, how do you find them, and what benefits can they bring to your organization?
Big data is everybody’s business. Long gone are the days where this phrase is specific to data jockeys. Patrick Holwell, Workforce Economist for the Arapahoe/Douglas Workforce Development Board, has 25 years of experience mining labor force data under his belt. He notes that regardless of what sector your job may fall, harnessing data is an integral function of success and, without it, you are missing out on hundreds of opportunities all around you.
“Most people are too busy earning a living to see the opportunities that are all around them,” Holwell notes. He claims that to have a successful operation, whether in business, management or entrepreneurship, you have to “look at the data and allow that to be your informant and guide.”
“If you work in business, you can have a higher gross revenue, more efficient lead generation and higher profits,” he states. “If you are a job seeker, you can discover which industries are growing the most, where the most opportunities lie and which positions are paying the highest.” The truth is, he notes, data is all around us. We just need to open our eyes.
A recent Forbes article examining this topic reports that data can help companies discover new innovation avenues, launch new products and add revenue. Drawing insights from such analytics can be especially powerful when you examine current trends as a means to predict future ones. You can fine-tune your current offerings and move toward constructing ones that will be sexy in the market down the line, increasing your chance of outperforming competitors.
So, bottom line, what’s the real payoff of utilizing big data in your company? It’s pretty multifarious. The value data brings include the ability to analyze market trends, save your company from unnecessary spending, define your target market through customer data and test ideas before pulling the trigger on production, according to Entrepreneur.com.
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