The power of big data and analytics driven by it is a recent ability in the IT world; the price drops in the last 5-7 years have enabled data storage and compute power previously unaffordable by most enterprises. This explosion of data and improved tools for analysis of it, have given enterprises the ability to do deep analysis (in almost real time) to understand their suppliers, manufacturers, marketing, distribution, sales--every aspect of the business.
A study of senior innovation executives conducted by GE across 23 countries in 2016 revealed that 61% of business executives are using big data to inform decision-making (up from 53% in 2014). In addition, 73% of companies have increased their ability to analyze, up from 43% in 2014. And, of those who have increase their ability, 59% have seen a positive outcome already.
This evolution requires the adoption of a different enterprise-wide mindset, first, transforming organizations from a knowledge culture to a learning culture. It is also paramount to have a clear roadmap that defines the functional areas as well as the broader scope where analytics will have the biggest impact before you focus on the technologies that will enable this transformation.
Ultimately, the larger impact will occur when the different forces that drive the adoption of innovative big data and analytics technologies are properly aligned with the organization's internal culture and the expert talent that is the foundation for the adoption of this learning culture.