Data-driven innovations help create more efficient supply chains as well as improve the shipping process and help companies maintain accurate inventories. They’re also helping to cut down on waste in the manufacturing process increase customer satisfaction and boost innovation.
According to IDC, worldwide data creation will grow to 163 zettabytes by 2025. This is ten times the amount produced in 2017. The current systems for computing are unable to handle the volume of data. However the next generation of technologies will enable new ways to store and manage the data. These new tools and technologies are referred to as big data and will help businesses make better choices in less time.
To maximize the value of data, businesses must give employees easy access to the data. This includes implementing a strong privacy and security program, as well as developing the right tools that facilitate collaboration and innovation. This can be accomplished by establishing a culture of transparency and trust, where employees are comfortable using data to enhance their performance in their jobs.
Many companies are already using big data to improve their products and services. For example, Walmart Labs analyzes millions of visits to their website to detect trends and design new solutions for customers. The company uses the data to predict sales forecasts, optimizing inventory, and forming strategic partnerships.
Many businesses struggle to implement data-driven innovation. In a recent survey by Splunk only 1 out of five respondents claimed that their employees had the skills and tools necessary to effectively utilize big data. In addition, they are being pressured by external forces to rapidly innovate and to compete. This puts data managers in a challenging position to balance various factors like security, privacy and compliance with an overwhelming amount of data to gather valuable information and fuel innovation.
