"I'm not gonna try it, you try it."
"No way. I'm not gonna try it, you try it."
"I know, let's get Mikey to try it!"
Big Data, analytics and benchmarking aren't new, but for a lot of companies, the idea of incorporating them into existing processes and procedures on a day-to-day basis is.
That means the question they struggle with isn't why they should do more with the data they already collect, but when they should start —
should they be one of the first or wait to see what happens to their peers and competitors?
Fotunately, there's a growing body of research that suggests the sooner you start, the better off you'll be because the gains in profitability and productivity from Big Data, analytics and benchmarking increase over time.
Three stats to consider:
- The average initial increase in profits from big data investments is 6%, but the average increase in profits after five years is 9%. (Source: McKinsey & Co.)
The average initial return on
big data investments for the average company is 140%, but the average return
big data investments for the average company
after five years is 200%. (Source: McKinsey & Co.)
- Companies ranked "more productive" are faster adopters of big data than their "less-productive" peers. (Source: Journal of Big Data.)