The amount of data generated each second in the banking sector will grow 700 percent by 2020.
2019The Hill
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- 8 percent of businesses say data and analytics have fundamentally changed the nature of industry-wide competition
- 40 percent of businesses say they need to manage unstructured data on a frequent basis.
- 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.
- People generate 2.5 quintillion bytes of data each day.
- 36 percent of investment professionals use web scraping to derive data.
- 14 percent of investment professionals use credit card and POS software data to derive data.
- Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.
- In a survey of approximately 700 business professionals, only 15% said their organization is currently very effective in delivering a relevant and reliable customer experience. In the same survey, only 3% of respondents said they are able to act on all of the customer data they collect; 21% say they can act on very little of it.
- Insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers.
- In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
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