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No longer the exclusive domain of tech companies or IT departments, data has become a business driver in a just about every industry and line of business. Data drives business value in two ways: It grows top-line revenue as companies create innovative new products and services — even entirely new business models. And it increases bottom-line profitability — not just by streamlining processes, but also by automating the management of assets and end-to-end supply chain through the Internet of Things (IoT). As Gartner’s Andrew White stated in a recent blog post:
"Data and analytics is not about a dashboard or delivery of an analytic to the point of a decision! That is so yesterday. Data and analytics is more about reimaging the decision in the context of an outcome.”
To look at it another way, data has become currency, and businesses are finding innovative ways to monetize it. In fact, BCG estimates that big data and advanced analytics could unlock more than $1 trillion in value annually by 2020.
Via David Hain
