Manufacturing companies and retailers alike are standing on the edge of a whole new, digital world: big data.
As they tiptoe into the digital age of big data, these companies are presented with endless new opportunities to increase profit and efficiency, growth and revenue... but only if they can find a way to break into their data.
According to the information pulled together here by MasterCard company, trueaxis, organizations that have successfully tapped into that data with advanced analytics software and tools have realized over 33% more revenue growth and 12 times the profit growth. In all, for the retail industry, this translates to $1.6 billion on the line in the analytics race, making big data one of the most pressing issues facing companies today.
The means overcoming gaps in cross-departmental communication, technologies and coordination may be critical not only to the success of competing companies, but their survival in this shifting, data-driven market.