Search Companies: Innovative or Not?
June 11, 2015
Forbes’ article “The 50 Most Innovative Companies Of 2014: Strong Innovators Are Three Times More Likely To Rely on Big Data Analytics” points out how innovation is strongly tied to big data analytics and data mining these days. The Boston Consulting Group (BCG) studies the methodology of innovation. The numbers are astounding when companies that use big data are placed against those who still have not figured out how to use their data: 57% vs. 19%.
Innovation, however, is not entirely defined by big data. Most of the companies that rely on big data as key to their innovation are software companies. According to Forbes’ study, they found that 53% see big data as having a huge impact in the future, while BCG only found 41% who saw big data as vital to their innovation.
Big data cannot be and should not be ignored. Forbes and BCG found that big data analytics are useful and can have huge turnouts:
“BCG also found that big-data leaders generate 12% higher revenues than those who do not experiment and attempt to gain value from big data analytics. Companies adopting big data analytics are twice as likely as their peers (81% versus 41%) to credit big data for making them more innovative.”
Measuring innovation proves to be subjective, but one cannot die the positive effect big data analytics and data mining can have on a company. You have to realize, though, that big data results are useless without a plan to implement and use the data. Also take note that none of the major search vendors are considered “innovative,” when a huge part of big data involves searching for results.
Whitney Grace, June 11, 2015