The use of data by organizations to improve the efficiency of their operations and drive innovation is nothing new. Since the early 20th century, companies have been applying “scientific” management techniques to get more from their assets, both physical and human. However, the last decade has seen the rise of new tools and techniques as well as new sources and forms of data that are changing the landscape for business planning and innovation.
Analysts at Forrester Research have identified a new type of organization, the insights-driven business, which they claim are growing at an average of more than 30% annually and are on track to earn $1.8 trillion by 2021. Similar research from other consulting firms highlights the emergence of firms that are dominating their sectors as well as creating new markets by generating actionable insights through data collection and analytics.
Read More from This Article: IDG Contributor Network: What exactly is a data-driven organization?
Source: IT Strategy