Did you know in 2011 humans created 1.8 zettabytes of data? That would be equivalent to 200 billion high-definition movies that are at least 120 minutes long. It would take one person 47 million years to watch all those movies. All of this data that humans create doubles every two years. If properly used, data can help you make better decisions and have a positive effect on your business’ bottom line. The problem lies when businesses do not know how to use the data or collect poor-quality data.
How Bad Data Can Hurt Your Company
Check out these facts and statistics about how poor-quality or misunderstood data can cost your business millions:
- Bad data or poor data quality costs US businesses $600 billion annually.
- Poor data or “lack of understanding the data” are cited as the #1 reasons for overrunning project costs.
- Poor data can cost businesses 20%–35% of their operating revenue.
So, what is the solution to this problem? Hiring a team of big-data experts to sort through and make sense of the data can significantly help your business earn more money.
How Data Can Benefit Your Company
Check out the two cool facts below about how good data and best practices can have a significant impact on your business:
- Performing data-quality best practices can boost a company’s revenue by 66%
- If an average Fortune 1000 company can increase the usability of its data by just 10%, the company could expect an increase of over 2 billion dollars. (Source: InsightSquared infographic)
As you can see, Big Data, if used correctly, can have a dramatic impact on your bottom line.