In a recent study by BARC, companies reported several different benefits from their big data initiatives: better strategic decisions (69%), improved control of operational processes (54%), a better understanding of customers (52%), and cost reductions (47%). Organizations that were able to quantify their gains from analytics reported on average their revenues increased by 8% and costs decreased by 10%.
If you’re running a company in today’s increasingly data-intensive economy, you may be wondering what more you can do as a business leader to help your organization tap into similar benefits. Not surprisingly, the same study found that senior management was a significant determinant (61%) in whether or not an organization was able to successfully embrace analytics.
Author: Brent Dykes