The profitability of “big data analytics” has been a controversial topic over the years simply due to the fact that analyzing, storing and accessing big data is such a daunting task that it seems the costs may outweigh the benefits.
In a todays digital world however, we have more data than ever and, if leveraged correctly, companies can really profit by analyzing and acting on the information that big data provides.
The infographic shows us that “the ability to provide highly personalized, cross-platform consumer experiences has the potential to lead to massive revenue increases.”
Big Data Analytics Profitability Infographic Highlights:
Organizations with successful implementation of advanced analytics see:
- A 33% increase in revenue.
- 12 times more growth profit.
- 5 times more use of analytics.
- The average fortune 1000 company sees a net income increase of over $65 million each year by increasing data accessibility by just 10%.
- The average company spends 3.5% of their revenue on data management.
Top 3 most popular digital data types collected:
- Social media content.
- Social network influencers.
- Customer mobile data.
- In a 2012 survey, 75% of UK retailers have seen an increase in demand for personalized services.
Big data challenges faced by US marketers:
- Lack of cross-departmental data sharing (51%).
- Personalized marketing communications too difficult (45%).
- Difficulty connecting data to individual customer (42%).
- Data not collected often enough, and not in real time (39%).
- Too little or no customer data (29%).
- Transaction-driven services solve many of the hurdles that marketers face when dealing with big data analytics by customizing offers based on the particular user’s transaction history.