Data-driven innovations are creating a more efficient supply chain, enhancing shipping processes and assisting companies keep accurate inventory. They also help in reducing waste during the manufacturing process and improve the satisfaction of customers and encourage innovation.
According to IDC, worldwide data creation will increase to 163 zettabytes by the year 2025, 10 times more than what was created in 2017. Although the majority of computers struggle to handle today’s volumes however, the next generation of technology will offer new methods to store, collect and process the data. These new tools and techniques are called big data, and they will enable businesses to make better decisions in a a much faster time frame.
To maximize the value of data, businesses must give employees easy access to the data. This requires implementing a robust security and privacy program, as and developing tools to encourage collaboration and innovation. This can be achieved by establishing a culture of transparency and trust, in which employees are all comfortable using data to improve their job performance.
Many companies are already using big data to develop new products and services. Walmart Labs, for instance, analyzes millions visits to its website in order to discover trends and develop innovative solutions for their customers. The company uses the data for forecasting sales, optimizing inventory, and forming strategic partnerships.
Many companies, however, struggle to create data-driven innovations. In fact, in a recent Splunk survey, only one in 5 respondents believed that all or most of their employees possess the knowledge and tools required to use big data effectively. Additionally, they reported feeling pressure from external forces to innovate quickly and to compete. This puts data managers in a bind in that they must weigh many different factors, including security, privacy and compliance with an overwhelming amount of data to gain valuable information and fuel innovation.