KX and Centre for Economics and Business Research (Cebr) have published ‘The Speed to Business Value’ an industry report showing the commercial and operational benefits to be gained by businesses adopting real-time data analytics technologies.
Announced today at the Gartner® Data & Analytics Summit 2022, the in-depth report surveyed over 1,200 companies spanning six countries (US, UK, France, Germany, Singapore, and Australia) in four key sectors (manufacturing, automotive, finance and insurance, and telecommunications). Its headline findings are that 80% 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 a combination of both quantitative and qualitative research and economic modeling, the report clearly demonstrates the measurable commercial and operational value that real-time data management and analytics technologies can deliver across major industry sectors. 98% of respondents reported increased customer satisfaction while 60% 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 fully implemented across all firms in the key industry sectors surveyed.
Kathy Schneider, Chief Marketing Officer, KX, comments: “As the headline findings of this report show, by implementing real-time data analytics technologies, businesses globally can realize significant measurable business value. From process improvements to cost reductions and tangible impact on business revenues, the benefits are wide-reaching. This study provides a call to action for businesses not yet leveraging real-time streaming data to modernize their approach and not get left behind.”
Owen Good, Head of Economic Advisory at Cebr, adds: ““Our research sets out both the scale and breadth of the economic benefits supported by real-time data. Based on a survey of over 1,200 business decision-makers across six countries and four industries, we estimated significant firm-level and macroeconomic benefits associated with both the current and potential utilization of the technologies. Notably, we estimate that firm-level gains from using real-time data–driven by productivity gains from more efficient processing and managing of data - resulted in an uplift of $7.4 billion in gross value added across all six countries, with a further potential increase of $3.6 billion if the benefits of real-time data were fully exploited.”