Data is a business gold mine for organizations, yet many companies struggle to unlock its complete potential. Through data, organizations can gain a better understanding of their operations and customers. Acting on the data to make informed business decisions is not necessarily a straightforward process. A data-driven organization can glean deep insights from data to update internal processes and respond directly to market feedback and improve their customer relationships. A data-driven organization can also leverage data to identify to create value for their consumers.
Statista predicts that by 2022, the big data and analytics market will reach 274 billion dollars. Organizations are playing a vital role in the exponential growth of data by utilizing Big Data technologies for analytics to become data-driven. In this article, we will explore how organizations can benefit from data and what challenges they face in the process.