Companies exploiting big data can increase their profits by an average of 8%

By: Trademagazin Date: 2023. 11. 13. 11:51

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Digitization and automation, as well as business and technological solutions based on artificial intelligence and machine learning, are now indispensable tools for a successful company, but at the same time, they deal much less with the corporate data assets that form the basis of them, or just scratch the surface.

At the same time, businesses that professionally exploit the information accumulated during daily operations and use it as a strategic guideline are 58% more likely to achieve their profit goals. Of course, the biggest data moguls include Google, Netflix or even Coca Cola, and they have one thing in common: a data-driven approach permeates the entire organization, from managers to customer relations.

What does real data management business operation mean and how should you get involved? Practical examples and their own experiences were shared by Tamás Léder (Revolut) and Zoltán Patai (Flawless) in the latest episode of the corporate and managerial knowledge sharing series of the Stylers information technology company group.

According to surveys, more than 40% of companies worldwide already use big data analytics, and the global market for technological solutions for this purpose exceeds 307 billion dollars. Companies apparently do not skimp on the resources devoted to this, and this is no accident: companies that discover the connections inherent in the data report more effective strategic decisions (69%), more effective management of operational processes (54%) and improved customer relations (52%), but they could realize a cost reduction of up to 10%.