KX and the Centre for Business & Economics (CEBR) publish today ‘The Speed to Business Value’ an industry report showing the commercial and operational benefits businesses gain by adopting real-time data analytics technologies.
The in-depth report surveyed more than 1,200 companies spanning Australia, France, Germany, Singapore, the United Kingdom and the United States in manufacturing, automotive, finance and insurance and telecommunications.
Its headline findings are that 80 percent of companies surveyed have seen their revenues increase after implementing real-time analytics. The total potential revenue uplift is $2.6 trillion across the regions and sectors surveyed with a further $1.6 trillion of future additional revenue also possible.
Drawing on quantitative and qualitative research and economic modeling, the report demonstrates the measurable commercial and operational value that real-time data management and analytics technologies can deliver across major industry sectors.
Ninety-eight percent of respondents reported increased customer satisfaction while 60 percent are seeing major efficiency and productivity gains. For example, the study results indicate that $321 billion in non-personnel-related operating costs have been saved thanks to real-time data analytics. Moreover, this number could rise to $379 billion if real-time data analytics were implemented fully across all firms in the key industry sectors surveyed.
The research also found the definition of ‘real-time’ among businesses has evolved significantly over the last year. According to KX’s Microsecond Mindset report, published in February 2021, 13 percent of businesses defined real-time as up to the millisecond – these new findings show this has almost doubled to 25 percent.
To download a copy of the summary Speed to Business Value report, please visit https://kx.com/analyst/cebr-report-the-speed-to-business-value/