Data Innovations in Business

Data-driven innovations are creating more efficient supply chain, improving shipping processes and assisting companies maintain accurate inventory. They’re also helping to reduce waste in the manufacturing process, improve customer satisfaction and encourage innovation.

According to IDC IDC, the world’s data creation will increase to 163 zettabytes by 2025, 10 times more than what was created the power of data innovative solutions in 2017. Although the majority of computers struggle to handle the volume of data today, the next wave of technology will come up with new ways to collect, store and process the data. These new tools and technologies are called big data and will assist companies make better decisions within a less time.

To maximize the benefits of data, organizations must give employees easy access to data. This includes implementing a strong privacy and security policy, and also implementing the right tools to support collaboration and innovation. This can be achieved by creating a culture of transparency and trust, where all employees feel comfortable with using data to enhance their performance at work.

Many companies are already using big data to innovate their products and services. For example, Walmart Labs analyzes millions of clicks on their website to detect trends and design new solutions for customers. The company also utilizes the data to forecast sales, improve inventory and create strategic partnerships.

Many companies struggle to achieve data-driven innovation. In fact in a recent Splunk survey, only 1 out of five respondents said that all or the majority of their employees have the skills and tools needed to use big data effectively. They also report being under pressure from external forces to rapidly innovate and compete. Data managers are placed in an extremely difficult position, as they must consider balancing a variety factors, including security, privacy, and compliance, with an overwhelming amount of information to gather valuable intelligence and fuel innovation.