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London, UK, May 9th: KX and the Centre for Economics and Business Research (CEBR) have published ‘The Speed to Business Value’ an industry report showing the commercial and operational benefits to be gained by businesses adopting real-time data analytics technologies.
Announced today at the Gartner® Data & Analytics Summit 2022, the in-depth report surveyed over 1,200 companies spanning six countries (US, UK, France, Germany, Singapore, and Australia) 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 across the regions and sectors surveyed with a further $1.6 trillion of future additional revenue also possible.
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 in non-personnel-related operating costs have been saved thanks to real-time data analytics. Moreover, this number could rise to $379 billion if real-time data analytics were fully implemented across all firms in the key industry sectors surveyed.
Kathy Schneider, Chief Marketing Officer, KX: “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.”
Owen Good, Head of Economic Advisory at CEBR: “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 in gross value added across all six countries, with a further potential increase of $3.6 billion if the benefits of real-time data were fully exploited.”
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.
Overall revenue uplift:
More efficient processes:
Improved customer experience:
Reduced operational costs (non-workforce):
Detecting anomalous activities:
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 report, published in February 2021, 13% of businesses defined real-time as a millisecond or less – these new findings show this has now almost doubled to 25%.
To download a copy of the summary Speed To Business Value report, please visit: https://bit.ly/3yfymXC
About the Gartner Data & Analytics Summit
Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summit 2022, taking place 14-17 March in Orlando, US, 19-21 April in Tokyo, Japan, 9-11 May in London, UK, 25-16 July in Sydney, Australia and 19-20 September in Mumbai, India. Follow news and updates from the conferences on Twitter using #GartnerDA.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
KX, the leading technology for real-time data analytics and decision intelligence, is part of FD Technologies plc, a group of data-driven businesses that unlock the value of insight, hindsight and foresight to drive organizations forward. Independently benchmarked as the world’s fastest streaming analytics platform, the KX Insights Platform is an industry-leading high-performance, in-memory computing, streaming analytics and operational intelligence platform. It delivers the best possible performance and flexibility for high-volume, data-intensive analytics and applications across multiple industries. The Group operates from 15 offices across Europe, North America and Asia Pacific and employs more than 3000 people worldwide. For more information visit www.devweb.kx.com.
CEBR partnered with Sapio Research to conduct a survey to understand the usage of real-time data by firms, with a focus on seven main channels through which the use of real-time data analytics may benefit firms’ productivity and performance.
The survey was conducted among 1,262 business data and IT decision makers in organizations with more than 50 employees in the six different focus markets as follows: 251 from the UK, 250 from the US, 256 from Germany, 251 from France, 100 from Singapore and 154 from Australia. We also asked about the sector they worked in, as we were interested in four specifically: Manufacturing (excluding motor vehicles), Automotive (manufacturing and trade of motor vehicles), Finance and Telecoms.