Chart Focus: Will ‘big data’ transform your industry?
The volume of data that businesses collect is exploding: in 15 of the US economy’s 17 sectors, for example, companies with upward of 1,000 employees store, on average, more information than the Library of Congress does. New academic research suggests that companies using this kind of “big data” and business analytics to guide their decisions are more productive and have higher returns on equity than competitors that do not. As big data changes the game for virtually all industries, it will tilt the playing field, favoring some over others. The financial and information sectors rank among those with the highest potential to create value in the near term.
To learn more, read “Are you ready for the era of ‘big data’?” (October 2011).