Big data can be a powerful tool if wielded correctly. Consider that the big data market generated $35 billion in 2017, up from $28 billion in 2016, and is expected to reach $70 billion by 2022.
In other words, many organizations recognize the value of big data and are investing to this end. Unfortunately, it seems that there are still quite a few holdouts who don’t seem to understand where the true value of big data lies.
Many companies collect ridiculous amounts of data only to do nothing with most of it. They have terabytes on top of terabytes of data languishing about collecting virtual dust. They then wonder why nothing comes of their big data efforts.
The key to using big data effectively is to go beyond collection and into in-depth analysis to generate invaluable insights. In fact, often it is wiser to collect less data that’s more targeted to dealing with a specific problem or achieving a named objective than to collect all data indiscriminately.
But you might be wondering why you should go to the effort of collecting big data, let alone spending resources on analyzing it. Below are three reasons why big data is definitely something you should be paying attention to.
Companies that shifted their business model to a data-driven one say that their profits have increased between 8 and 10 percent.