Competitive advantages of the use of data in companies
The use of Big Data has had, has and will have a shocking significance in the world economy. More and more companies seek to develop new disciplines thanks to Business intelligence and the use of data to improve comprehensive strategies that lead to positive results.
A study by consulting firm McKinsey estimates that better use of data could generate $ 3 trillion in additional value each year in seven industries.
McKinsey estimates that more than half of this value will go directly to consumers, who would benefit from shorter wait times for traffic and improved ability to compare prices. The remainder will be estimated to create new products focused on using data or usage data to gain an advantage over your competitors.
Already many companies in the world are using large volumes of data to offer new products, improve their margins and gain market share from their rivals.
International trade is also having a great impact thanks to Big Data. Another McKinsey report found that global flows of trade, finance, people and data increased world GDP by between $ 250 billion and $ 450 billion each year.
The advantages of developing information technologies in organizations are vast and more and more companies dare to take the step to generate more efficient strategies that lead to high profitability.
The main impacts that Big Data has on the growth of the global economy are summarized in:
- Generation of new goods and services, in which the information is either the product itself, or contributes significantly to the quality of another product.
- The optimization of production processes and supply chains.
- Targeted marketing, including the integration of feeback with the customer in product design.
- Improved management of organizations that allows the use of data to make better decisions.
- Faster research and development, which shortens the process of trial and error or innovation.
Excerpt from the article “Driving the economy with a big dose of data” published in BHQ (Business Horizon Quarterly) magazine.