Enterprises of all sizes today are deluged by data, with the amount of data worldwide now doubling every 2 years – a rate of expansion expected to increase further as the Internet of Things drives exponential growth in data creation and storage.
Business data also now assumes a variety of forms and resides in multiple places: from on-premise systems to the cloud, and from mobile devices to social media repositories. Taken together, these storehouses of information tell the story of what a business is doing, how well it is performing, where it is likely going, and why.
But as it has grown in volume and complexity, enterprise data has become increasingly difficult to decipher for the insights needed to manage a company to its highest potential. IT departments and their business partners alike are challenged accordingly to become far more data-informed and effective.
Overwhelming as it may seem, it is possible for any company to begin using their data to acquire the critical business insight needed to gain competitive advantage. Need help getting started? Check out my quick primer on the subject in my blog here or at CFO.com:
“How to Make Use of All That Data You Have,” ww2.cfo.com/analytics/2016/03/make-use-data (March 2016)
With the essentials in hand, enterprises are coming to the realization that data is now a strategic competitive differentiator. The criticality of this as a business driver cannot be understated. Data quality, let alone volume and interpretive capability, will provide competitive distinction.
Leveraging data-driven insights is not limited to business-decision-support alone; it's also becoming an increasingly important driver of systems management effectiveness.