How Big Data Analytics Impact Your Business Success

Famous article on Forbes by Louis Columbus said that “51% of enterprises intend to invest more in big data”. Visionary leaders know how important information/data will be in the digital age. It is primordial to approach and analyze every customer to then be able to predict what are the next user needs. Predicting what the consumers want before they even know it makes them quite excited and helps you provide an unforgettable service as well as build your brand name. Big Data analytics also contributes significantly to help companies when it comes to improving their business performance.

Key statistics about Big Data that you shouldn’t ignore

• 91 % of marketers believe that successful brands use customer data to decide marketing strategies
• 49 % increase in revenue growth for companies that invested in analytics versus those that did not
• 35 % of marketers say that data has improved their customer engagement through personalization
• Retailers who leverage the full power of big data analytics could increase their operating margins by as much as 60%
• 60% of the professionals asked feel that data is generating revenue within their organizations
• 83% of the professionals say that data analysis makes existing services and products more profitable. Asia is leading the way – where 63% said they are routinely generating value from data. In the US, the figure was 58%, and in Europe, 56%

Impressive statistics about 4 V’s of big data analytics

Volume, variety, velocity & veracity

• 43 trillion gigabytes will be created by 2020, and will increase of 300 times from 2005
• 6 billion people have cell phones. The world population is 7 billion
• More than 4 billion hours of video are watched on Youtube each month
• 400 million Tweets are sent per day by 200+ million monthly active users
• Poor data quality costs the US economy around $3.1 trillion a year
• Big data analytics grows to an annual rate of 40% in 2020