Big data is an increasingly influential feature of our modern, digital society. While big data presents incredible opportunities for businesses to learn, develop and grow, there are obstacles that prevent companies and organizations from capitalizing on its potential. One of the most notable barriers is a lack of senior staff with proficiency in analyzing and utilizing big data.
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As you can see from the infographic below, big data is growing. Around 90% of the data available today was created in the last two years, and in 2020, it is estimated that we will have access to 44 zettabytes of data. While companies have responded to the increase in data by using information to drive strategic decision-making, there is a clear skills gap, particularly towards the top of the tree. In 2018, it was estimated that US businesses had a shortage of 1.5 million leaders equipped to make decisions based on data. To bridge this gap, companies would have to devote half their data and analytics budget to training senior members of staff.
Innovation is key for modern businesses, and every organization faces challenges when bidding to move with the times. One of the most significant is using data to promote and facilitate innovation. To achieve this, it’s beneficial not only to recruit skilled employees, but also to encourage creativity. Businesses are aware of the importance of embracing and harnessing the power of big data, but for many, the difficulty lies in finding effective ways to collect, analyze and use data. Almost 80% of companies fear losing out to rivals as a result of not capitalizing on big data.
Big data has the power to impact growth. The infographic highlights three main ways to achieve this objective: improving customer relationships, enhancing product development and streamlining structural organization.
If you’re keen to learn more about big data, take a closer look at the infographic below.
Infographic Design By Norwich University