A new study on big data by the New Jersey Institute of Technology has found that by 2020, there will be 13,000 exabytes of data available for analysis. One exabyte is equivalent to 1 billion gigabytes, so it would take quite a few iPads to hold all of that information. As the amount of information with analytical benefits increases, businesses will need to find new ways to use this information to increase revenue, and data is being created faster every day. According to the report, 90 percent of the information in existence today was created within just the last two years.
Many companies have already found the benefits of big data analysis, especially those in the retail sector. Stores fully utilizing analysis have the potential to boost operating margins by more than 60 percent and increase productivity at the same time. According to the study, other professionals using big data have noted that it helps to produce results with more accuracy, as well as enabling enterprises to analyze and retain a greater amount of data. In fact, 84 percent of companies using big data analytics reported that it helped them to make better businesses decisions.
Healthcare providers are also finding it beneficial to utilize big data. Researchers from NJIT found that healthcare organizations effectively implementing big data analytics could find $300 billion in value every year, including an 8 percent reduction in national healthcare costs.
Millions of data points trapped on paper
Eighty-three percent of CIOs surveyed responded that they plan to include business intelligence and analysis in their IT plans in an effort to stay competitive. To harness the power of big data, however, a company's most important data has to be in a format that can be accessed by a machine. Almost 90 percent of enterprise data is created through transactions, meaning there are millions of receipts and forms carrying information that can not be read by a machine, and therefore cannot be analyzed.
Every large enterprise has stacks of paper documents containing inaccessible data points that continue to get overlooked every day. Luckily, there is now a way for companies to easily and securely transport information from physical records into a digital database. Fax-over-IP services allow organizations to send messages while storing the information inside them in a dedicated server, creating an archive of information that can be searched, analyzed and saved easily. FoIP service providers like FaxCore make it simple to implement a fax-over-IP solution by making it possible to retrofit existing fax machines to be FoIP-capable.
Enhance enterprise communication, collaboration and compliance efforts with a proven FoIP solution from FaxCore. Contact FaxCore today to learn more about their 'Partly-Cloudy' fax solutions.
