How? Big Data is being used by 94 percent of companies to identify new sources of revenue, and 89 percent of companies are using it to develop new products and services.

According to the same Bain & Company study, companies using big data are:

• Twice as likely to be in the top quartile of financial performance within their industry

• Five times as likely to make decisions much faster than their peers

• Three times as likely to execute decisions as intended

• Twice as likely to use data very frequently when making decisions

Big Data Requires Robust Computer And Storage Infrastructures

Considering the growth potential offered by big data implementation, it’s easy to understand why so many companies want to start collecting and processing data. According to a November 2014 survey by Accenture, only 5 percent of companies implement big data strategies solely through internal resources.

Small to medium-sized businesses have the least resources available, and are least likely to be able to handle big data needs on their own; according to SMB Group, only 18 percent of small businesses and 57 percent of medium businesses are using big data.