According to KX, a worldwide leader in real-time streaming analytics, the United States could realize the largest overall impact on revenue increase – potentially $2.3 trillion – from leveraging real-time data analytics. The manufacturing industry alone could benefit from nearly $1 trillion after implementing real-time data, and revenues within the finance and insurance sector could increase by nearly $637 million.
KX announced the results, the latest from ‘The Speed to Business Value’ industry report, at the Gartner® Data & Analytics Summit 2022 today in Orlando. The comprehensive report, developed with the Centre for Economics and Business Research (CEBR), surveyed over 1,200 companies spanning six countries (U.S., UK, France, Germany, Singapore, and Australia) in four key sectors (manufacturing, automotive, finance and insurance, and telecommunications).
Kathy Schneider, Chief Marketing Officer at KX, elaborated on the findings: “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. 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.”
According to the study, in the U.S., substantial commercial and operational advantages stand to be gained by businesses adopting real-time data analytics technologies, including:
- Bigger Bottom-Line Benefits: Survey results showed that companies across the four industry sectors in the U.S. reported an 18% average recognized revenue increase, with potential for more.
- Increased Optimization: More than $187 billion overall could be saved by U.S. businesses because of a reduction in non-people operational costs.
- Improved Customer Feedback: U.S. businesses saw a significant increase in positive customer experiences after implementing real-time data analytics, particularly within finance and insurance (44%) and telecoms (42%).
- Reduced Anomalous Activity: In the U.S., 84% of manufacturers saw at least a moderate reduction in anomalous operational or financial activity, while 83% reported the same in telecoms.
- Greater Productivity and Proficiency: U.S. respondents developed more efficient rollout processes, as reported by 73% of American manufacturers, and greater efficiencies, as reported by 67% of U.S. firms in finance and insurance.
The time for real-time data is now. The volume and velocity of data is growing exponentially, whereas the window for extracting value from that data is shrinking.
KX enables business leaders across all sectors to accelerate their speed to business value by uniquely combining real-time, streaming data with historical context for better in-the-moment decision-making. KX Insights ingests, stores, manages, analyzes and visualizes enormous amounts of dynamic, streaming data, whether on-premise, in the cloud or at the edge. Built on its kdb+ time-series database, KX Insights empowers developers, data scientists and business analysts with unrivaled performance and continuous, actionable intelligence.
To join KX solution specialists this week in Orlando and determine how to do so within your own organization, please visit: https://gtnr.it/3dAjfQ0
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