NEW YORK, August 23, 2022 — According to KX, a worldwide leader in real-time broadcast analytics, the United States could realize the largest overall impact in revenue growth – potentially $2.3 trillion – from the use of its analytics real time data. The manufacturing industry alone could benefit by 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 2022 Summit today in Orlando. The comprehensive report, developed with the Center for Economic and Business Research (CEBR), 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).
Kathy Schneider, Chief Marketing Officer at KX, elaborated on the findings: “These results demonstrate the tangible impact of real-time data analytics on US business performance and competitiveness; however, whether current data management and analytics architectures are capable of meeting this milestone is another story. To truly thrive in the new data frontier, business leaders in every sector must be able to use real-time data in context with historical 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 US, significant commercial and operational advantages are to be gained by businesses adopting real-time data analytics technologies, including:
- Biggest bottom line benefits: The survey results showed that companies in all four US industry sectors reported an average increase of 18% in recognized revenue, with the potential for more.
- Enhanced Optimization: More than $187 billion overall could be saved by American businesses due to a reduction in non-human operational costs.
- Improved customer feedback: US businesses saw a significant increase in positive customer experiences after implementing real-time data analytics, particularly in finance and insurance (44%) and telecom (42%).
- Abnormal activity reduced: In the US, 84% of manufacturers saw at least a moderate decrease in abnormal operational or financial activity, while 83% reported the same in telecom.
- Greater productivity and capability: US respondents developed more efficient rollout processes, as reported by 73% of US manufacturers, and greater efficiency, as reported by 67% of US firms in finance and insurance.
The time for real-time data is now. The volume and velocity of data is growing exponentially, while the window for extracting value from that data is shrinking.
KX enables business leaders across 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 large 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 unmatched performance and continuous, actionable intelligence.
To join KX Solutions Specialists this week in Orlando and determine how to do this within your organization, please visit: https://gtnr.it/3dAjfQ0.
Full results from the Speed to Business Value report are also available here: https://bit.ly/3wtKJhd.
About the Gartner Data & Analytics Summit
The Gartner Data & Analytics Summit provides insights for data and analytics leaders to enable a data- and analytics-centric culture within their organizations by connecting strategy to business outcomes and promoting the adoption of technologies, such as artificial intelligence (AI), creating a resilient culture that accelerates change and where data literacy, digital trust, governance and data-driven critical thinking are pervasive.
KX is the leading technology company for real-time data analytics and decision intelligence. Built on kdb+ — independently benchmarked as the world’s fastest time series database — KX Insights is our high-performance, in-memory computing, streaming analytics and operational intelligence platform. It uniquely combines real-time data with historical context for high-volume, data-intensive analytics and applications across multiple industries. KX is part of FD Technologies plc, a group of data-driven businesses that operates from 15 offices across Europe, North America and Asia Pacific and employs more than 3,000 people worldwide. For more information visit www.kx.com.