What To Do With All That Data

It’s the key to better decision-making… or at least it’s supposed to be. But that’s only true if you know how to manage it. 

The Evolution of Data 

Data has advanced. It’s no longer confined to tables and columns. Now it includes the often unpredictable unstructured data. Unstructured data is collected by sensors, images, videos, voice, and social media. It’s raw data that’s captured with no specific format. For businesses to last, they must learn to manage multiple data types in a world where data keeps growing. 

In 2019, the World Economic Forum predicted that the entire universe of data would grow to 44ZB (1 zettabyte (ZB) = 1 million petabytes) by 2020. Surprise! Things changed. Due to rapid digitalization, remote work, and all the new applications introduced by the pandemic, data growth is now predicted to reach 94ZB by 2023. 

That was a shocker. But it’s no surprise data will remain a priceless commodity for business success. Now, success is about how you use the data you’ve been dished. 

AI Depends on Data 

At this point, there aren’t many industries that DON’T benefit from artificial intelligence (AI) applications. AI use cases keep expanding into marketing, sales, finance, and customer support. And without data, AI would fail to be effective. Data fuels these emerging technologies to drive meaningful outcomes for businesses like yours. 

Hold up! Before your business can embark on an AI project, you need a strategy to make the most of that juicy data. Answering these questions is a good place to start: 

• What data will you use? Do you have rights to use it?
• Is the data sufficiently relevant and likely to contain the answers and value you seek? 
• What data will you discard, and after how long?
• How will you measure data quality?
• What safeguards do you have in place to prevent model drift resulting from bad or biased data? 

Data as Currency 

With data comes power. As the new currency of business, data gives the owner a competitive edge.

Still, many differences remain between data and currency. Claims to ownership, lack of traceability, and need for repetitive consents are all variances. In a way, data is comparable to inventory. It shares common issues like spoilage, warehousing costs, depreciation, liabilities, and accounting. 

While data is similar to currency and inventory, they’re not synonymous. Data evolves. There still aren’t rules defining who owns it, how to protect it, and how to leverage it for building models that move businesses forward. 

Data Management

Data continues to claim a bigger stake in your business. It’s more important than ever to manage your info right. Whether you work for a small business or enterprise, DataVizion has the technology and expertise to set you up for success. Learn how we can help you govern your data lifecycle at https://www.datavizion.com