$\"Real-time$ <\/a>
Real-time data analytics drive real value for customers, according to findings of the latest research from KX<\/span> <\/div>\n
Announced today at the Gartner® Data & Analytics Summit 2022, the in-depth report surveyed over 1,200 companies spanning six countries (US, UK, France<\/span>, Germany<\/span>, Singapore<\/span>, and Australia<\/span>) in four key sectors (manufacturing, automotive, finance and insurance, and telecommunications). Its headline findings are that 80% of companies surveyed have seen their revenues increase after implementing real-time analytics. The total potential revenue uplift is $2.6 trillion<\/span> across the regions and sectors surveyed with a further $1.6 trillion<\/span> of future additional revenue also possible.<\/p>\n
Drawing on a combination of both quantitative and qualitative research and economic modeling, the report clearly demonstrates the measurable commercial and operational value that real-time data management and analytics technologies can deliver across major industry sectors. 98% of respondents reported increased customer satisfaction while 60% are seeing major efficiency and productivity gains. For example, the study results indicate that $321 billion<\/span> in non-personnel-related operating costs have been saved thanks to real-time data analytics. Moreover, this number could rise to $379 billion<\/span> if real-time data analytics were fully implemented across all firms in the key industry sectors surveyed.<\/p>\n
Kathy Schneider<\/span>, Chief Marketing Officer, KX: <\/b>"As the headline findings of this report show, by implementing real-time data analytics technologies, businesses globally can realize significant measurable business value. From process improvements to cost reductions and tangible impact on business revenues, the benefits are wide-reaching. This study provides a call to action for businesses not yet leveraging real-time streaming data to modernize their approach and not get left behind."<\/i><\/p>\n
Owen Good<\/span>, Head of Economic Advisory at CEBR: <\/b>"Our research sets out both the scale and breadth of the economic benefits supported by real-time data. Based on a survey of over 1,200 business decision-makers across six countries and four industries, we estimated significant firm-level and macroeconomic benefits associated with both the current and potential utilization of the technologies. Notably, we estimate that firm-level gains from using real-time data – driven by productivity gains from more efficient processing and managing of data – resulted in an uplift of $7.4 billion<\/span> in gross value added across all six countries, with a further potential increase of $3.6 billion<\/span> if the benefits of real-time data were fully exploited."<\/i><\/p>\n
Report Highlights<\/u><\/b><\/p>\n
The report identifies several key ‘value outcomes’ that businesses in the manufacturing, automotive, finance and insurance, and telecommunications sectors can expect to achieve after implementing real-time data analytics technologies.<\/p>\n
Overall revenue uplift:<\/b><\/p>\n
\n
80% of businesses across the study reported an increase in revenues attributable to real-time data equating to a possible total recognized value of $2.6 trillion<\/span>. <\/li>\n
All markets reported an average increase in revenues across the four industry sectors with France<\/span> posting the largest increase (21%), Germany<\/span> (18%), the USA<\/span> (18%) UK (14%), Singapore<\/span> (12%), and Australia<\/span> (9%). <\/li>\n
This equates to an average total potential increase in revenue of 17.5% across the six markets and four industries surveyed.<\/li>\n<\/ul>\n
More efficient processes:<\/b><\/p>\n
\n
Across most regions, organizations in manufacturing, finance, and telecoms all reported more efficient rollout processes when developing and launching new applications, products, and services after implementing real-time data systems. <\/li>\n
Notable results include the telco sector in the UK where 86% of businesses reported more efficient rollout processes for new products and services after implementing real-time data systems. Similarly, 50% of Australian telcos reported the same. <\/li>\n
In finance and insurance, 74% of French firms reported greater efficiencies, 67% of US firms, and 61% of German firms. <\/li>\n
In manufacturing, every market reported more efficient rollout processes, with 73% of manufacturers in the USA<\/span> and 70% in Australia<\/span> leading the way.<\/li>\n<\/ul>\n
Improved customer experience:<\/b><\/p>\n
\n
Every sector and geo reported positive gains in terms of customer satisfaction, such as faster service delivery; increased sales; better product quality; and reduced costs. <\/li>\n
The most positive impact was recorded in the Telecoms sector, where 39% of all respondents stated a significant growth of positive feedback after implementing real-time data, and 52% stated moderate. <\/li>\n
Similarly to the UK, respondents from Germany<\/span> stated the biggest increase in customer feedback was as a result of the delivery of faster services; 64% overall. This is highest in the Finance industry with 80%, but both Manufacturing (70%) and Telecoms (65%) have strong feedback.<\/li>\n<\/ul>\n
Reduced operational costs (non-workforce):<\/b><\/p>\n
\n
The overall reduction in costs is a significant value outcome for every industry in almost every country The impact of real-time data on this Value Outcome is the greatest in the USA<\/span> where more than $187 billion<\/span> could be saved overall. <\/li>\n
For Germany<\/span> the figure is $97 billion<\/span>, France<\/span> $57bn<\/span> and the UK $25bn<\/span>. Even for a market, the size of Australia’s<\/span>, full adoption of real-time data could save $7.3 billion<\/span>. <\/li>\n
An estimated $321 billion<\/span> in cost is saved across all assessed industries, while full adoption of real-time data analytics for all firms across these industries could see this rise to almost $379 billion<\/span>.<\/li>\n<\/ul>\n
Detecting anomalous activities:<\/b><\/p>\n
\n
For detecting anomalous activities, real-time data delivers positive operational and financial results across every industry polled <\/li>\n
In the US, 84% of manufacturers saw at least a moderate reduction, while 83% reported the same in telecoms <\/li>\n
In the UK, the telecoms sector saw 100% of surveyed businesses reporting some reduction in anomalies, with a quarter seeing a significant reduction <\/li>\n
After implementing real-time data, 90% of respondents from Germany<\/span> stated there was a reduction in the number of anomalies to some extent.<\/li>\n<\/ul>\n
The research also found that the definition of ‘real-time’ among businesses has evolved significantly over the last year. According to KX’s Microsecond Mindset<\/a> report, published in February 2021<\/span>, 13% of businesses defined real-time as a millisecond or less \u2013 these new findings show this has now almost doubled to 25%.<\/p>\n
To download a copy of the summary Speed To Business Value<\/b> report, please visit https:\/\/bit.ly\/3LQyHnr<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
80% of companies surveyed report revenue uplift due to real-time data analytics Potential $2.6 trillion total revenue uplift already realized…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[105],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/101406"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=101406"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/101406\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=101406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=101406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=101406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}