“Big Data” is shorthand for the collection of large amounts of data from places like web-browsing data trails, social network communications, sensor and surveillance data that is then searched for patterns, new revelations and insights.
It’s a catchy term that’s easy to say and implies major transformation. In less than a decade, Big Data is a multi-billion-dollar industry.
But more data isn’t better data unless you know what to do with it. Many believe Big Data with help make better decisions; ones that are more informed; more profitable more predictive and preferred by more customers. Should you be paying attention? Here are 38 big facts on Big Data every business leaders should know.
- 91% of marketing leaders believe successful brands use customer data to drive business decisions (source: BRITE/NYAMA)
- 90% of the world’s total data has been created just within the past two years (source: IBM)
- 87% agree capturing and sharing the right data is important to effectively measuring ROI in their own company (BRITE/NYAMA)
- 86% of people are willing to pay more for a great customer experience with a brand (souce: Lunch Pail)
- 75% of companies say they will increase investments in Big Data within the next year (source: Avanade)
- 70% of data is created by individuals – but enterprises are responsible for storing and managing 80% of it (source: CSC)
- 70% of enterprises say their marketing efforts are under greater scrutiny (BRITE/NYAMA)
- 65% of companies deploy Big Data technology to boost the speed and quality of business decisions (source: CIO)
- 59% of organizations lack the tools required to manage data from their IT systems (source: Saffron Technologies)
- 57% of companies are considering Big Data analytics tools (source: EMC2)
- 49% of organizations are somewhat or very concerned about managing big data (source: CIO)
- 40%-60% annual growth increase is occurring in the volume of data available every year; in media intensive sectors and financial services, the increase is 120% (source: Fathom)
- 38% of organizations don’t understand what Big Data is (source: CIO)
- 34% of organizations say they have no formal strategy to deal with Big Data (source: Information Week)
- 33% of business leaders don’t trust the “old data” information they are using to make business decisions (BRITE/NYAMA)
- 33% of all data will be stored, or will have passed through the cloud by 2015 (source: CSC)
- Only 33% of business leaders differentiate Big Data from Traditional Data (source: Information Week)
- 28% of data in 2010 required some level of security (source: Wiki Group 7)
- 27% of organizations have a partial understanding of what Big Data is (source: CIO)
- 25% of organizations now have a data scientist on staff (source: EMC2)
- 24% of companies are using Big Data analytic tools (source: EMC2)
- 18% of companies say they have a formal strategy to deal with Big data (source: Information Week)
- 16% of companies believe Big Data will remain experimental (source: CIO)
- By increasing the usability of data by just 10%, the average Fortune 100 company could expect an increase of $2 billion dollars (source: Fathom)
- 5% of companies believe Big Data will “fizzle out after the hype dies down” (source: CIO)
- $300 billion could be saved if big data was used effectively the US healthcare sector; thereby reducing expenditure by 8% (source: McKinsey)
- 30 billion pieces of content are shared on Facebook each month (source: McKinsey)
- $3.2 billion was spent by companies on big data in 2010; it is predicted companies will spend $16.9 billion on big data by 2015 (source: CIO)
- $500,000,000 in venture capital funds have gone into big data technologies, startups, and vendors in recent years (CIO)
- $200,000,000 has been invested in Big Data projects by the Obama administration (source: Wiki Group 7)
- 140,000 to 190,000 people with deep analytic skills as well as 1.5 million managers and analysts will be needed by 2018 to fill jobs in Big Data (source: McKinsey)
- In 15 of the US economy’s 17 sectors, companies with upward of 1,000 employees store, on average, more information than the Library of Congress (source: McKinsey)
- Amazon and PayPal use their Big-Bata capabilities for fraud detection in line with their reputations as secure e-commerce and payment platform (source: McKinsey)
- American Express, by contrast, for B2B clients—uses proprietary big data it holds to create new services to enhance customer acquisition and retention programs for marketers and merchants (source: McKinsey)
- IBM converts 350 billion annual meter readings through Big Data to better predict power consumption (source: IBM)
- IBM analyzes 500 million daily call detail records in real-time with Big Data to predict customer churn faster (source: IBM)
- Big data monitors 12 terabytes of Tweets each day to improve product sentiment analysis (source: IBM)
- Progressive Casualty Insurance Company, uses Big Data as part of its “pay as you drive” program, offers drivers the chance to lower their insurance premiums based on real-time analysis of their driving habits (source: McKinsey)
We believe business leaders thinking about Big Data should start with this question: What business decisions do you want to make with Big Data you couldn’t before? If you can take this step, we can help keep get there with Big Data and keep your strategy on track. Are these 38 facts on Big Data a helpful start? Does the fact that Dilbert is talking about Big Data convince you it’s here to stay?
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