Companies have been collecting and analyzing data forever, pretty much.” So what’s really new here? What’s driving the data-analytics revolution and what does it mean for those that choose to postpone or ignore the pivotal role big-data is currently having on productivity and competition globally?

General Electric chairman and CEO Jeff Immelt explains it best when stating that “industrial companies are now in the information business—whether they like it or not.”  Likewise, digital data is now everywhere, it’s in every industry, in every economy, in every organization and according to the McKinsey Global Institute (MGI), this topic might once have concerned only a few data geeks, but big data is now relevant for leaders across every sector as well as consumers of products and services.

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In light of the new data-driven global landscape and rapid technological advances, the question for senior leaders in companies now is how to integrate new capabilities into their operations and strategies—and position themselves globally where analytics can influence entire industries. An interesting discussion with six of theses senior leaders is covered in MGI’s article, “How companies are using big data and analytics,” providing us with a glimpse into a real-time decision making processes.

The interviewees:

 Murli Buluswar, chief science officer at AIG; Vince Campisi, chief information officer at GE Software; Ash Gupta, chief risk officer at American Express; Zoher Karu, vice president of global customer optimization and data at eBay; Victor Nilson, senior vice president of big data at AT&T; and Ruben Sigala, chief analytics officer at Caesars Entertainment.

An excerpt of their comments follows.

• Finding the set of tools that enable organizations to efficiently generate value through the process. 
• Figuring out how to protect and harness information safely and become a partner with consumers rather than just a vendor for them.
• You have to be willing to be a little agile and fluid in how you think about things. But if you start with one outcome and deliver it, you’ll be surprised as to where it takes you next.
• The first change we had to make was just to make our data of higher quality. 
• Collaboration comes from technology innovators, it comes from data providers, and it comes from analytical companies.
• Competition for analytical talent is extreme. And preserving and maintaining a base of talent within an organization is difficult, particularly if you view this as a core competency.
• My intent is to create an environment and a culture where they see that they’re learning; they see that they’re working on problems that have a broader impact on the company, on the industry, and, through that, on society; and they’re part of a vibrant team that is inspired by why it exists and how it defines success. 
•  We recognize as a team and as a company that we ourselves do not have sufficient skills, and we require collaboration across all sorts of entities outside of our company.

To adapt to this increasingly digital world, CIOs, CMO’s and analysts are changing the way they work with each other and run their IT organizations. The State of the CIO 2017 reports that CIOs are spending more time on transformational activities such as aligning IT initiatives with business goals (53 percent) and cultivating the IT/business part­nership (38 percent).

It’s no surprise that marketing is rapidly becoming one of the most technology-dependent functions across all businesses.  In fact, the CMO Council has found that more than a third of CMOs believe that digital marketing will account for 75% or more of their spending within the next five years. This means everything from search engine ads and website optimization to building mobile apps and tools to personalize web experiences — projects that require greater technical expertise. More than ever, IT and marketing collective objective is to weigh the cost benefits, measure the speed of ROI and to determine where it pays to take a calculated risk.

We are just at the beginning of a revolution that will touch every business and every life on this planet. But a great deal of people are still treating the concept of big data as something they can choose to ignore — when actually, they’re about to be witness to a great  awaking that is big data . The question is how well are you prepared?