To say that data has changed global business is an understatement. Data is a key factor in how a number of industries maximize profit, from airlines to fast food to clothing production. Even public schools and municipal governments rely heavily on data to drive key decisions.
Take airlines, which have created complicated algorithms to determine how much each passenger will pay for each seat. Using data on the demand for each flight, airlines ensure they’re making a profit by dynamically updating the selling price of their tickets.
The first international study of executives’ take on data revealed that 65 percent of business leaders think they should become data-driven or risk becoming “uncompetitive,” according to TechWorld.com. The report is based on a survey of 1,000 chief executives in 12 different nations.
Other key findings from the report:
• Fast Data on the Rise: 77 percent of survey responders said top leaders need real-time data.
• Threatened by Less Experienced Competitors with More Data: 53 percent predict they’ll face competition from “data-enabled” newcomers to their industries.
• Big Data Completely Changing Structure of Business: 43 percent of organizations are planning to or already have restructured to take advantage of Big Data.
Read more of the study for yourself here.
How has data changed your organization? What data do you need to drive more registrations and revenue?