5 Mind-Blowing Big Data Stats As We Approach 2020
Whether we know it or not, Data has always been all around us, waiting to be collected and analyzed. Today, business and society are just now starting to scratch the surface with implementing data processes or even understanding how to become data guided.
The growth of that data and data collection is mind-blowing. As we’ve mentioned in a previous blog, Finding Success in a Data Guided Business, it’s estimated that society is expected to reach 175 Zettabytes (ZB) by 2025! Now that’s an intimidating number.
As each day goes by, these grow exponentially and can become more and more intimidating for companies to tackle, but they don’t have to be! Since we’re talking about data and predictive analysis, let’s dive into and break down 5 stats and predictions as we approach 2020.
1. 97.2% of organizations are investing in big data and AI.
There’s a reason big data and AI are the trending hashtags of the past few years and the reason they will stay that way for years to come.
The shift to data analytics and data guided decision-making runs through AI and it’s proving to be powerful. The question then becomes how and what do you implement? Of course, it depends on your needs, data literacy, and data maturity. In order to see in all directions, it requires both business analytics and business intelligence.
2. McKinsey Global Institute estimates that retailers leveraging their data analytics could increase their operating margins by more than 60%.
A powerful stat and estimation. Businesses, especially retailers and ecommerce companies, are starting to truly understand the power of their data. As a marketer myself, It’s a dream to be able to find things like demographic insights from customer data. Target marketing then allows me to properly market what people want to see and how they want to see it.
The proof is in the historical data pudding. The answers to questions like, how do I increase sales to women 18-25, is sitting in your database. You may be ahead of the curve having a few analysts sifting through that data to find those answers, but what if AI could help speed that process up and even prescribe possible action. More on that in a moment…
3. Most companies only analyze 12% of the data they have.
One of the biggest challenges comes from companies not fully understanding not only what it means to be a data guided company but how to get there.
What data should I analyze? Where are all my data sources?
These are some questions you may have and you’re not alone. Start with your internal team and make sure everyone is on board from the top down.
4. By 2021, 66% of analytics processes will no longer simply discover what happened and why; instead they will also prescribe what should be done.
This trend is one we know all too well here at Keyence and is the reason we’re here!
Data visualization has made a major impact in business and analytics but with the future being AI driven, your data analytics should not only discover what happened and why, but be prescriptive and allow you to throw away those gut instincts.
5. 59% of executives say big data at their company would be improved through artificial intelligence
Let’s start at the beginning and ask, what is big data? Simply referring to extremely large data sets, you can imagine that analyzing big data can be very tough and time consuming. Imagine doing all your accounting with an abacus. Not exactly efficient.
The right AI can step in and analyze all your data almost instantaneously and not only just analyze but prescribe. That’s where analysts and business users alike can then take those insights, simulate strategy, and implement those actions.
Don’t forget to track and measure those actions, now that’s data guided!
As business and society attempts to understand and navigate this data age, becoming data guided is the key to getting ahead, and implementing the right tools, like AI, can be the difference. The journey isn’t easy and there’s still a long way to go. Even those companies that are already data guided can constantly seek to improve (after all, isn’t that the point of analytics, to improve). Like many things in life, data is about the journey, not the destination.
Keyence has over 40 years experience as a data guided company. To learn more about our AI solution, Ki, request a demo and learn more about how you can quickly turn your data into action.
LATEST POST : What Is Prescriptive Analytics?