DATA ECONOMY AND BUSINESS GROWTH September 20, 2017
Our industry continues to see an ongoing upsurge in data volumes, According to IBM, we now create 2.5 Quintilian bytes of data each day — so much that 90% of the data in the world today has been created in the last two years alone. This comes with the insatiable need by industry-leading companies to exploit existing data to foster business
development and growth. We can see the data economy expanding as the many barriers that hinder and impede its progress are torn down. Data Lifecycle can be classified in 3 stages – creation, assessment and consumption. The vastness of the data make it extraordinarily difficult to maintain and assess the goldmine and convert that into meaningful insights leading to business growth.
Customer’s First and Data Next The data is useful if it can be assimilated to solve customer problems. The size of the data poses problems in connecting, building and visualizing the VALUE of the data. There are data transformation and visualization products in the market to load the BIG DATA and run the data science algorithms on that to convert it into customer insights.
Data Size and Complexity We have Quintilian bytes of data every day and not the entire data you can use for your problem resolution. Better would be to utilize the smaller set and increase the complexity and size as you grow and connect directly with the ROI. Do Less but do it effectively, its so easy to get LOST in the vastness of the data and its spread.
Quality of the Data and Business Strategy Align the products and the prospective customers intelligently. First of all we need to ensure that the data in use is the clean and the high quality data which can be used for business purposes. Define the products and customers tie up based on customer credentials and interests. Once the right fitment is done you are READY to GO for a LAUNCH and start the campaign for long term profitability.
Go Forward GamePlan Companies at the top of the data economy are those that focus on the use cases of their data products. If organizations do not have the internal capability or experience in building sticky data products, then working with external vendors or partners will help them create and optimize these. The data economy will become vibrant and efficient as it grows. Director – DigiSciFi
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