We were just at IRCE, and there was a lot of talk about retailers’ data being everywhere. But a lot of people we talked to know their data is everywhere, and they’re desperate to know what to do about it.
That’s par for the course. Search “big data,” and you get a lot of articles and forecasts, but very little in the way of hard-and-fast numbers. And I’m not talking about the size of data—I mean percent of budget saved, increased revenue or anything to offset the cost of systems to gather data or BI tools to analyze it.
Here’s a shot in the arm: Domo has produced an infographic, based on MeriTalk’s data, that shows what federal CIOs estimate their cost-savings would be if they could better manage their data. They estimate—conservatively—that they could keep 14% of their budgets.
The 2013 federal budget was $3.5 trillion. Making better use of data and being able to better manage it would save 14%, or $500 billion. $500 billion.
Check out the infographic to see what $500 billion looks like. What would you do with an extra 14% of your budget each year? (Download the full resolution infographic, or embed it in your website, here.)