According to a released today study conducted by Sybase of Fortune 1000 companies (with the median organization in the study – $17 billion in annual revenues), 10% improvements in data accessibility lead to:
- 0.7% growth in revenue generated from new customers, or on average in this study, $14.7 million;
- 0.81% growth in revenue from new products and services, or additional $17 million for the year.
According to a study conducted by McCombs School of Business, good quality data translates to 10% reduction in information processing time, which can lead to millions of savings for organizations.
There is a lot of data coming in; International Data Corporation (IDC) estimates that the volume of data is doubling every 20 months. Companies are drowning in transaction-level data. But if make this data meaningful, companies can reap a lot of benefits. The insightful data helps developing new revenue streams and methods of acquiring new customers. And organizations that embrace data driven culture and invest in good data warehouse and analytics solutions have a competitive advantage that results in significantly better financial performance than that of their competitors.
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