Managing data can be a challenge for any size of organization. At the rate that data is generated these days, it will only become a larger problem. Inside Big Data brought this topic to our attention in their article, “Overwhelmed by Data? Here’s How to Get Control of It.”
In 2017 there were nearly 9 billion devices connected to the internet, a number that is estimated to exceed 20 billion by the end of this decade. If each one is producing data… well, you can do the math.
Organizations have gotten very good at collecting data, and less good at using it effectively. It’s estimated that anywhere from 60% to 95% of data collected by companies lies dormant, unused.
Analytics has the potential to do wonders with collected data. Anything from providing insights on how to increase sales to how to cut administrative or manufacturing costs, and much more. There has never been a more opportune time for organizations to utilize data as a key part of their business strategy.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.