8 percent of businesses say data and analytics have fundamentally changed the nature of industry-wide competition
2018McKinsey Analytics
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- 62 percent of retail businesses see competitive advantages from information and analytics.
- 55 percent of North American businesses have adopted big data analytics.
- 53 percent of CEOs consider themselves the primary leader of their company’s analytics agenda.
- 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes.
- In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
- Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.
- The number of IT professionals using descriptive and predictive analytics grew from the mid-40th percentile to high 60th percentile between January 2018 and January 2019.
- Businesses that use big data saw a 10 percent reduction in overall cost.
- The education vertical currently has the lowest adoption of big data among vertical industries, but educators are most likely to say they may use big data in the future.
- In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
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