Thanks to Facebook, emails and smartphone apps, we live in an era where 2.5 quintillion bytes of data are generated on a daily basis—and companies can benefit tremendously from this data. In fact, 91 percent of companies are already using tools to manage and analyze data—and for good reason. A ROI of 241 percent can be generated by applying data to business decisions. While 73 percent of companies leveraged data to increase revenue, only 43 percent used data to create entirely new sources of revenue.
The companies that will be victorious in the long run will have taken advantage of the synergy between gathering and actually using data. Volvo’s vision is an ambitious one—the Swedish automaker is looking forward to a world in 2020 where no one is killed or injured in a Volvo. The auto manufacturer collects terabytes of data from sensors in their cars and takes 400 measurements—industry standards require only four or five measurements to be taken. Chevron’s Vice President has said that the company manages as much data as Google. Using data imaging and predictive analysis, Chevron can find new reserves of oil and gas.
To learn more about how companies must leverage data to their advantage, check out the full infographic by TIBCO.