Innovation is never a bad thing for business, but it can be particularly important in these tough economic times. For example, the last year and a half has required a fundamental change in the way businesses do business and changed the rules of engagement for some industries. Regardless of the industry, data innovation has become a vital part of every business’s daily existence. But what are some examples of data innovation in our day-to-day lives?
With so much data generated in our everyday lives, how can we make the most of it? By harnessing this data, we can create more efficient operations, increase revenue potential, and improve customer service. By becoming data-driven, companies gain a competitive edge over competitors. However, there are many challenges associated with implementing big data. In order to make the best use of this resource, organizations must first understand the use case they wish to serve. Big data is the process of gathering, analyzing, and utilizing massive amounts of digital information.
One recent study conducted by Splunk found that leading businesses have more sophisticated data practices and adopt more innovative approaches to data. These organizations reported twice the innovation as beginner-level organizations. They also reported double the number of new markets and nearly double the increase in employee productivity. Among those who use data to directly monetize data, leading businesses report a 75% faster growth rate and 31% more revenue than their beginner-level counterparts.