How Companies Find Value in Big Data

The main reason in which companies use big data is to reduce their costs. According to a survey conducted by the Harvard Business Review, 49.2% of companies who have started to use big data have seen value in utilizing it, while 27.4% have not even begun using it. The survey also showed that companies are not just focused on seeing the analytics and big data, but taking the information and developing strategies that will positively enhance the business. Companies are now able to leverage their future decisions to innovate as well as planning based on data results.

A section of the chart above that stands out to me is the fact that there is a very large percentage of companies who have not started using big data in order to transform their business for the future. The sooner companies recognize that analytics is indeed the future, the better they are able to tackle existing issues the business is facing as well as keeping up with their area in the market. Whether it is a large company such as General Electric or a small start-up, the future of their business relies heavily on knowing their space in the market inside-out for them to stay current.

https://hbr.org/2017/04/how-companies-say-theyre-using-big-data