For large data sets, an efficient algorithm can mean the difference between finishing in seconds or hours.
In sorting, for example, the efficient algorithms are O(n log n) while a bubble sort is O(n^2).
So for indexing a database of 100,000 records a merge sort might do 500,000 comparisons while the bubble sort will do more like 10,000,000,000.
Analysis of O() for different algorithms is essential for completing big jobs in the smallest amount of time.