Technology has made data grow at tremendous speed, from business to industries. 2017 witnessed data in the public web hit approximately 1 zettabyte (one trillion gigabytes). The speed at which new data both unstructured and structured is created grows at a mammoth pace. Industries generate unstructured data through text, semi-structured data from machine to machine communication and structured data through business applications
The technical capabilities required to collect, distribute, store and analyze data is growing at a tremendous speed. Reports and Data management that took hours to run now is done in seconds with new solutions like SAP’s HANA or other custom resources. This makes a whole new world of data tailor to the CIO and business requirements. In the years to come, effective use and data management for analytics will be necessary for companies to keep up to the new trends. Business enterprises have begun to realize that data is critical to overall financial performance, improving the customer experience, growth and improving the employee experience. Additionally, business and industries across different domains have realized that data will be a competitive differentiator in the years to come.
Data Across Industries
Different industries use data for their business purposes, and over the years the deployability of data across Industries has increased further. The early adopters of data management and data technology have been the financial services and telecommunications industries that have been the furthest among their competitors in adoption of technology and proficiency of data use and management.
Industries are embracing technology prominent of those being Internet of Things (IoT) and Edge Computing. IoT is often ranked as critical automotive, telecom and financial services including insurance domain.
Becoming Data Leaders
Many companies have been leveraging big data to generate intelligent and actionable business insights. Business and Industry executives have developed an overarching strategy for data use and management. Fewer have taken the initiative towards concrete steps, including setting clear data usage policies, data sharing across business partners and suppliers. CIO and Technology honchos today understand the value of data’s hidden potential. Businesses are going forward to unlock data delivered to the business through accurate, timely and relevant insights to improve business decisions. For businesses to become data leaders here are the five strategies that business and organizations relying heavily on data can embrace:
1. Organizations should and must respect the newly empowered consumer. They must seek to understand their differences and sensitivities by being transparent with data policies and processes.
2. Data Intensive business houses should prepare for regulatory expansion and make their resources learn and relearn technology and accept changes driving technology. They should look forward to developing processes and capabilities to stay ahead of changes and competition.
3. By incorporating data strategy into their overall business plan, business enterprises can move further ahead. Organizations must not shy away from making technology investments as part of a larger strategy for the future.
4. It is time to treat data as a valuable asset, and protecting it as security will remain a challenge of the digital era.
5. Organizations need to loosen their purse strings and invest in partnerships, training and talent acquisitions to build the right mix of skills crucial to the data economy
Leveraging data will be the future game-changer in the digital world. The soon companies adopt and embrace changes, the more successful