The results released by the US Bureau of Economic Analysis on comparative importance of Big Data across various sectors of the economy as well as verticals of the industry gave a graphic description of the industries using Big Data Analytics and the key benefits of using Big Data. Studies show that one major advantage of using the Big Data Analytics is that companies had a better decision making process. About half of the companies across sectors found a valuable increase in the decision strategy of the enterprise after the Big Data Analytics were introduced.
About 16% claimed to have a better enablement of key strategic initiatives of the industry and about 10% said they had improved relationships with their customers. An improved sense of risk and better financial performance contributed about 9% each to the advantages. All the other benefits included were pegged at 6%. About 40% of the companies claimed to have been using Big Data Analytics in some form and it helped their business. Those who believed that analytics could help predict many other aspects of the business stood at 35%. About 25% said they had a competitive edge when it came to understanding customer trends and patterns. For another 20%, it is said to have increased operational effectiveness.
Analytics- Key Benefits
