Facebook, email and smartphone apps have made us all major data consumers—to the point where 2.5 quintillion bytes of data are generated daily. This data can prove to be vital to businesses, as 241 percent ROI can be generated by applying data to business decisions. A full 91 percent of companies are wisely using tools to manage and analyze data. About three-fourths of companies leveraged data to increase revenue, but less than half used data to create fresh new sources of revenue.
Companies are turning data into new revenue streams—and doing so in a way that is beneficial to society. Volvo envisions a world where no one is killed or injured in one of their automobiles. To make this a reality by 2020, the Swedish auto manufacturer is collecting terabytes of data from sensors in their cars. While industry standards require that just four or five measurements be taken, Volvo’s system collects over 400 measurements. As sensor network capabilities become cheaper and more advanced, companies learn not only “what” is happening but also “where.”
The companies that can take advantage of the synergy between gathering and using data will be the big winners moving forward. To learn more, check out the full infographic by TIBCO.