Data and analytics are reshaping organizations and business processes, giving organizations the capability to interrogate internal and external data to better understand their customers and drive transformative efficiencies.
Worldwide revenues for big data and business analytics clocked in at nearly $122 billion in 2015 and will grow to $187 billion in 2019, according to a five-year forecast from research firm IDC.
“Organizations able to take advantage of the new generation of business analytics solutions can leverage digital transformation to adapt to disruptive changes and create competitive differentiation in their markets,” said IDC analyst Dan Vesset in a statement issued in conjunction with the release of IDC’s Worldwide Semiannual Big Data and Analytics Spending Guide earlier this year. “These organizations don’t just automate existing processes — they treat data as they would any valued asset by using a focused approach to extracting and developing the value of information.”
Additionally, a recent Forrester Research study, commissioned by the global data and analytics team at KPMG, found that 50 percent of businesses now use data and analytics tools to analyze their existing customers, while 48 percent use them to find new customers and 47 percent use them to develop new products and services.
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