In a world full of customer data, how do you find what’s useful—what will actually drive sales—and identify and isolate the noise?
That’s one of the main questions we address in Big Data and Beyond: How Companies Can Find Insight in Big Data, a new ebook authored by Vision Critical chief marketing officer Tyler Douglas.
Desperate for insight, many companies have launched big data projects, hoping to gain a deeper understanding of the customer. But these expensive projects don’t always result to ROI.
And as the following stats show, most of these projects fail because of shortcomings that are inherent to big data. If you work in marketing, research and customer intelligence, these stats matter to you.
- Only 0.5 percent of big data is being analyzed. (TWEET THIS STAT)
- In 2015, the amount of data produced every two days matches the amount of data produced in all of history prior to 2003. (TWEET THIS STAT)
- By 2018, there will be 21 billion internet-connected products. (TWEET THIS STAT)
- Companies spent over $31 billion in big data projects and tools in 2013. (TWEET THIS STAT)
- Big data spending is expected to reach $114 billion in 2018. (TWEET THIS STAT)
- Sixty five percent of business executives from global brands say they embrace big data to stay competitive. (TWEET THIS STAT)
- Sixty one percent of CMOs admit that they have a long way to go in using big data properly. (TWEET THIS STAT)
- Seventy percent of marketers admit that they have “suboptimal or no ability to integrate customer data between online and offline sources.” (TWEET THIS STAT)
- Only 27 percent of executives describe their big data projects as “successful.” (TWEET THIS STAT)
- Smart use of big data is helping cities eliminate $200 billion in wasted energy. (TWEET THIS STAT)
- Data growth will be 350 percent higher in 2019 compared to 2015, according to the United Nations Economic Commission for Europe. (TWEET THIS STAT)
- Only 18 percent of marketers say they have a single view of customers. (TWEET THIS STAT)
- What’s commonly referred to as big data actually only amounts to 10 percent of data available to companies. The other 90 percent of digital information are unstructured. (TWEET THIS STAT)
For more insight and stats on big data, get your own copy of Big Data and Beyond.