As of 2021, everywhere you turn, you will hear the term “Big Data” and artificial intelligence.
My question is: What does Big Data entail, and how will it affect you and your company by 2025?
Having real-time access to high-quality channel data can help you make more informed business decisions and be more agile than your competition. Why?
Because crucial organizational, partner, and end-customer insights are hidden within the huge amounts of structured and unstructured channel data collected on a regular basis.
On that topic, consider the following facts about BD (Big Data), which highlight its importance in today’s commercial world.
- According to the 2015 IDG Enterprise Big Data Research research, organizations across several verticals would spend an average of USD 7.4 million in 2016 on data-related issues. It took place!
- According to McKinsey, a shop that utilizes BD to its full potential and level can enhance their overall operating margin by 60%. It took place!
- Bad data, also known as low quality data, can cost companies up to 12% to 23% of their overall income. Yes!
- A 12% improvement in data accessibility by a Fortune 1000 business would result in an increase in annual net profitability of around USD 67 million.
- Despite the fact that COVID-19 sprang out of nowhere in February of that year, BD is expected to generate USD 48.6 billion in yearly spending by 2019. This happened as well!
- It was also projected that data creation in 2020 will be 46 times more than in 2009. Individuals on the internet create more than 72% of the digital ecosystem, while businesses are in charge of storing, managing, and utilizing the remaining 81%.
- Walmart is said to collect around 2.5 petabytes of data per hour from its customers’ transactions. One petabyte equals one quadrillion bytes, or around 20 million file cabinets full of text.
- Last year, a third of all data was saved, resulting in a total of 35 zeta-bytes of data.
- According to a research published by Cap Gemini in 2015, 56 percent of organizations anticipate to expand their investment in BD until 2020. So, what happened?
- The US may have faced a shortage of 150,000 to 199,000 skilled individuals with strong analytical skills, as well as 1.6 million analysts and managers with the know-how to make good decisions, in 2021.
As you can see from the data above, BD is a huge deal. Collect data for the sake of collecting data, but not simply for the sake of collecting data. You’ll wind up with a gigantic digital cemetery if you do.
You must have a clear plan in place for how you will handle and use your data, as well as a goal for what you want to do with it, to get the most out of it.
Keep in mind that, unlike wine, data does not improve with age. So, if you’ve spent time and money collecting, storing, and reporting data, you need to put it to work to get the most value out of it.
All of the above figures highlight the need of having procedures, systems, and tools in place to help firms transform raw data into usable and actionable information.
Are you using the correct tools to make the most of your channel data?
Is it possible to convert channel data into channel intelligence? Please share what your company has done to make the most of BD in the comments section below.