New research has found that real-time data analytics technologies increased revenues for 80% of companies.
The Speed to Business Value report from KX and the Centre for Economics and Business Research (Cebr) surveyed over 1,200 companies across the US, the UK, France, Germany, Singapore, and Australia.
With 80% of the surveyed companies increasing their revenues, real-time data analytics offers a potential revenue uplift of $2.6 trillion across the regions and sectors surveyed. According to the report, a further $1.6tn of future additional revenue is also possible.
In addition, 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 $379bn if real-time data analytics were fully implemented across all firms in the key industry sectors surveyed.
KX Chief Marketing Officer Kathy Schneider commented: “As the headline findings of this report show, by implementing real-time data analytics technologies, businesses globally can realise 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 modernise their approach and not get left behind.”