The world of business is spinning constantly, and data is now more influential than ever before. Big data, information that is available to companies on a daily basis, can provide a raft of benefits for company owners, but there is a severe shortage of leaders with the necessary skills and knowledge to capitalise on its growing stature.
As you can see from the infographic below, big data is growing. The amount of organisational data doubles every two years, and we now have access to around 44 zettabytes of data. The trouble is that in the US alone, there is a shortage of 1.5 million leaders with the ability to utilise big data to make data-informed decisions.
Big data is beneficial for business leaders for a number of reasons, and it has the potential to change the fortunes of companies and promote growth and expansion. Big data can improve everything from customer engagement and marketing strategies to operational efficiency, as demonstrated by the two case studies featured in the infographic below. The difficulty for many leaders is that they don’t possess the skills they need to collect, interpret and use big data to achieve these objectives.
While big data can have a positive impact on businesses, it can also pose challenges, especially for leaders who are not proficient in data analysis. Almost 70% of businesses haven’t deployed initiatives to help them utilise big data and eliminate complications and errors yet. The process of switching to systems that are underpinned by big data may seem complex, but this should only be the case in the absence of trained professionals and efficient strategies.
Big data has revolutionised the world of business, but there are many leaders still waiting to discover the benefits and reap the rewards.