According to CIO Review, companies can use customer data analytics to accurately predict future trends.

It is well known that China has been the biggest producer of goods for many years. From children’s school supplies to the contents of every handyman’s toolbox, “Made in China” is found in small print. However, China’s labor costs, much due to its economic growth from manufacturing, have risen to the point that the competition from nearby Asian countries is taking some of that manufacturing business. These shifts, along many others over the last two decades, have been heavily influenced by the conglomerate Alibaba, affecting the supply chain of companies worldwide.

It’s no surprise that big data is on the rise in businesses around the world. Companies routinely use big data to analyze common trends in their practice; enabling them to make sophisticated decisions to ensure their businesses prosper. According to Statista, an online statistics, market research and business intelligence portal; companies routinely use data to drive process and cost efficiency; drive strategy; and to monitor and improve financial performance. When used in these ways, data has the ability to save the company a significant amount of money because they are able to spend their money efficiently.