The United States might see the largest overall impact on revenue growth from embracing real-time data analytics, according to a study commissioned by technology company KX, with a potential $2.3 trillion boost in revenue. The international study was conducted with the Centre for Economics and Business Research (CEBR).
KX presented the latest findings from ‘The Speed to Business Value’ industry analysis this week in Orlando at the Gartner Data & Analytics Summit 2022. The in-depth analysis, created in collaboration with the Centre for Economics and Business Research (CEBR), polled more than 1,200 businesses from six nations (the United States, the United Kingdom, France, Germany, Singapore, and Australia) in four important industries (manufacturing, automotive, finance and insurance, and telecommunications).
“These results demonstrate the tangible impact of real-time data analytics on U.S. business performance and competitiveness; however, whether current data management and analytics architectures are capable of meeting this moment is another story,” said Kathy Schneider, Chief Marketing Officer (CMO) at KX. “To truly thrive in the new data frontier, business leaders across every sector must be able to utilize real time data with the context of historic data to make faster, better-informed business decisions. Anything less is no longer enough, and you risk being left behind.”
Real-time Data Analytics Benefits
In the United States, organizations who use real-time data analytics solutions may stand to reap a number of significant commercial and operational advantages, including:
- Bigger Bottom-Line Benefits – According to survey findings, businesses in all four industry sectors in the United States reported an average recognized revenue rise of 18 percent, with room for growth.
- Increased Optimization – Businesses in the United States might save more than $187 billion overall if operational expenditures for non-people were reduced.
- Improved Customer Feedback – After applying real-time data analytics, American companies experienced a considerable improvement in customer satisfaction, especially in the financial and insurance sectors (44 percent) and the telecommunications industry (42 percent).
- Reduced Anomalous Activity – In the United States, 84 percent of manufacturers and 83 percent of the telecoms industry said that abnormal operational or financial activities had decreased at least somewhat.
- Greater Productivity and Proficiency – 73 percent of American manufacturers and 67 percent of American enterprises in finance and insurance claimed that U.S. respondents improved rollout procedures and increased efficiencies.
KX is a technology firm for decision intelligence and real-time data analytics. Their high-performance, in-memory computing, streaming analytics, and operational intelligence platform, KX Insights, is based on kdb+, which would be one of the fastest time-series databases in the world.