Data-driven innovations are creating more efficient supply chain, enhancing shipping processes and helping companies maintain accurate inventory. They also help to reduce production waste improve customer satisfaction and encourage innovation.
According to IDC the global data creation will increase to 163 zettabytes in 2025, ten times the amount produced in 2017. The current computing systems are not able to handle the amount of data. However the next generation of technology will allow for new ways to collect and store the data. These new methods and tools are known as big data and they will enable businesses to make more intelligent decisions in the shortest amount of time.
To maximize the value of data, companies must give employees easy access to data. This requires implementing a solid privacy and security policy, as well as developing the right tools for collaboration and innovation. This can be achieved through establishing a culture that promotes transparency and trust, in which everyone is comfortable using data to improve their work performance.
Many companies are already leveraging big data to improve their products and services. Walmart Labs, for instance, analyzes millions clicks on its website to identify trends and create new solutions for its customers. The company uses the information for forecasting sales, optimizing inventory and developing strategic partnerships.
However, many companies struggle to reach real data-driven innovation. In fact according to a recent Splunk survey, only 1 in 5 respondents believed that all or a majority of their employees have the necessary skills and tools to make use of big data effectively. In addition, they report being pressured by external forces to rapidly innovate and compete. This puts data managers into an awkward position, as they have to balance a variety factors, including security privacy, privacy, and compliance, with an overwhelming amount information to collect valuable insights and drive innovation.