Data..The new black Gold!!!
- Sep 1, 2017
- 2 min read
To truly maximize the value of data, organizations must rethink how they create, edit and store it. They must analyze the architecture and standards, quality, governance and management processes at every phase. Once controlled appropriately, data can yield the insights that make it more valuable than black gold.
Gartner projects that the volume of information is growing at an annual rate of 59 percent worldwide and Google already process 600 petabytes of data monthly. The number of organizations storing 1 petabyte of data — that’s a million gigabytes (or should we say a thousand terabytes?? Or both?? Not sure which one has more impact)– has increased from 16 to 29 percent in the past three years. Few companies are prepared for this onslaught: the more data stored, the more complex the systems required to manage it.
New data can make enterprises smarter, but it can also disrupt business for enterprises unable to effectively tap into and analyze it with the right tools. IDC projects that, while organizations will increase spending on Big Data from $3.2 billion in 2010 to $16.9 billion in 2015, more than 85 percent of Fortune 500 organizations will fail to exploit Big Data for competitive advantage.
How can your company be one that takes advantage of the opportunity?
Working with a partner that specializes in the fine art of data refinement is critical to harnessing Big Data’s potential and creating a strategic roadmap to reach your goals. Incorporating technology platforms and solutions, organizational governance and change management through a unique Enterprise Data Lifecycle Management (EDLM) framework is vital for extracting the most intrinsic value from raw data.
Too often, Big Data projects focus on the technology and not the business outcome. To ensure success, the data you seek must be tightly aligned to your overall business strategy. Ask yourself and your business what the purpose is.
Is it…
Search – finding that needle of insight in a haystack of seemingly unrelated events, and a deluge of non-standard content?
Big Picture – understanding the whole by analyzing and linking the behavior of the parts?
Track and Predict – detecting patterns over time and predicting trends?
Reporting – diving into very large data sets to make business decisions in real or near real-time?
Understanding your goals is paramount to developing a successful data strategy, no matter which approach you choose. And, whether Big Data is compared to oil, wind or solar energy, one thing is clear: It requires multidisciplinary expertise to extract, refine, and manage at every phase of its lifecycle. By doing so, companies can effectively tap the value of the 21st century’s most promising source of actionable business intelligence, Big Data – the new black gold.
Comments