Big Data Analytics – Potential mean to catch the nerve of Competitive Business!

Global business scenarios are going through a massive make-over – With the competition getting intense; analyzing and studying the market trends has become a sort of necessity. This has in a way led to the beginning of Big data analytics – It is a new age method to collect, comply huge data and represent it in a more informed manner for better understanding.

With the increasing prominence of big data; many enterprises have started adopting to attain a cutting-edge over other competitors.

In a survey conducted by Accenture and General Electric published in how the combination of Big Data Analytics and Internet of Things; it came out that:

  • Around 87% of enterprises consider that Big Data analytics will change the industry dynamics within the next three years.
  • While some 89% believed that companies who still considering adopting Big Data analytics strategy in the next year are at the risk of losing major market share and momentum.

This data establishes the fact the “Big Data Analytics” Now Seen as an essential part to gain a competitive edge and grow in the market.

As per the Wikibon the Industrial Internet is expected to be worth around $500B in a global expenditure by 2020, counting the hardware, software and services sales.

  • The study also depicts that numerous enterprises are making huge investments of their time in analysis; i.e. nearly 36%), while merely 13% are utilizing Big Data analytics to forecast the outcomes.
  • As compared to this, only 16% use their analytics applications to leverage processes and their business strategies.
  • Many C-level respondents see predictive analytics and optimization as an upside potential to stay and survive the competition in their industries in the future.

Here are Some Quick Take-Away from the Study Which Will Make the Entire Picture Clear:

  • Around 73% of enterprises have already invested more than 20% of their total technology budget to get a Big Data analytics, and just two in ten have put in more than 30%.
  • It was also seen that almost 76% of executives expect expenditure levels to shoot up in the coming years.
Investments in Big Data Analytics. Image source Forbes

Investments in Big Data Analytics. Image source Forbes

  • It also came out that Big Data analytics is quickly gaining prominence for industries like aviation (61%), wind (45%) and manufacturing (42%) companies.
  •  The following graphic throws some more light on the relative level of importance of Big Data analytics
Big Data Analytics a Top Corporate Priority. Source Forbes

Big Data Analytics a Top Corporate Priority. Source Forbes

  • 74% of organizations say that their chief competitors are already utilizing Big Data analytics to effectively separate their competitive potentials with clients, the media, and investors.
  • Around 93% of enterprises are viewing new competitors in the market using Big Data analytics as a key distinction strategy.
Companies are unaware of risks of not implementing a big data strategy. Source Forbes

Companies are unaware of risks of not implementing a big data strategy. Source Forbes

Big data analytics is the game-changer, as it will give you a clear picture of what is coming up and how to form powerful strategies to tackle; competition.

About Author:

Ritesh Sanghani, Director at Hi-Tech BPO leading outsourcing services company serving global businesses for the past 15 years. Ritesh has worked with several international clients and has executed BPO projects of varying scales and complexities.

 




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