Number 1: Big Data will make our lives better.
- Big data is big! Allowing for better business decisions and strategic advantages across a large number of industries.
- Big data is not just for the elite and powerful but is now being used more often by the masses.
- Simply put, because of big data, managers can measure, and hence know, radically more about their businesses, and directly translate that knowledge into improved decision making and performance.
- “Isn’t ‘big data’ just another way of saying ‘analytics’?” It’s true that they’re related: The big data movement, like analytics before it, seeks to glean intelligence from data and translate that into business advantage. However, there are three key differences today: volume, velocity and variety!
- The more companies characterized themselves as data-driven, the better they performed on objective measures of financial and operational results. In particular, companies in the top third of their industry in the use of data-driven decision making were, on average, 5% more productive and 6% more profitable than their competitors.
- The evidence is clear: Data-driven decisions tend to be better decisions.