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Business and DataThe massive amount of data created every day is a gold mine for business-minded individuals – but only if they can harness it properly. Business analytics is the process of analyzing data to determine best practices and a good course of action for a company, based on the information given. If companies take advantage of the data that’s available, they can optimize profits and productivity while lowering overhead and risk. Check out these data and business statistics from TheNextWeb.com:

  • 68% of companies do not have a stated business analytics strategy. If these companies took a hard look at the numbers, they could most likely find room for improvement. Developing a business analytics strategy can do wonders for a company, especially if they are looking to cut costs. Business analytics uses predictive modeling to determine trends, which is helpful for planning future inventories.
  • IDC forecasts a 44-fold increase in data volumes between 2009 and 2020..
  • 40% projected growth in global data generated per year vs. 5% growth in global IT spending.
  • Big Data could save up to $450 billion in healthcare spending .
  • Facebook stores, accesses, and analyzes 30+ petabytes of user-generated data.This information is extremely valuable: Facebook users share everything about themselves, from their favorite television shows to what products and brands they’re most interested in. Facebook’s ability to round up and analyze millions of users’ data is incredible. The volume of data that they boast is enormous, and it also puts them in a coveted position with advertisers and other businesses.
  • 2.5 exabytes of data are created every day. That number doubles every month. All of this data is useful in different ways for different industries. The sheer amount of data that exists in our world today is a sign of the times: the way we interact with others is changing, and the way we do business is changing. It’s important for businesses to realize that and to shift to today’s mode of operation.
  • There has been a 9-fold increase in digital information created and shared over the last five years.
  • As of 2013, there is over one Exabyte of data in the cloud.

In today’s rapidly changing world, it’s important to stay afloat and ahead of the competition. The best way to do that is to look at the hard facts and use them to build a business that’s strong, groundbreaking, and timeless. Using business analytics is a smart, powerful way to ensure that your company is making good decisions that will support its future.

This article was written by a contributor for MSU Business Analytics, featuring the Master of Science in Business Analytics program.
 

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