Data is gold, The amount of digital data in the universe is growing at an exponential rate, doubling every two years, and changing how we live in the world. Big Data is surely a big deal.
Data has replaced oil as the world's most valuable resource. Data can help us achieve tremendous things on both the levels ie individual and businesses, and as a society. But to extract the best value from data, you need to be using the best techniques and the best technology
By collecting more data, a firm has more scope to improve its products, which attracts more users, generating even more data, and so on. In the Digital Enterprise, data is being created faster and faster. Data is valuable and must be preserved for long term retention.
Business is a science in today's world, and data is what drives effective decisions so data is possibly the most main asset any company has. We all know that the best product in the world is useless unless you can sell it. Selling it means knowing which market to address, what messaging to use and how to reach out to do so. Data is the most important component to answering these questions and achieving these goals.
Where organizations fail is when they take decisions that aren't backed by the right data. Knowing what data you need to have is thus equally critical. The challenge we face in the modern world is data overload.
The worlds of 'Big Data' and 'Data Science' are relatively new fields. However, the more traditional field of 'Data Management' has become more important in this new era of data-driven decision making. People have learnt that simply 'dumping' data into a 'data lake' will result in them ending up with a 'swamp'. In fact, statistics have shown that data scientists, those highly skilled, highly expensive PhD hires, spend 80% of their time simply trying to manage data. Data sits in silos.
But what is crucial is that we truly come to understand the impact and possibilities of this future reality, not just on a practical level, but intellectually, mentally and emotionally. The new reality is data has truly become the most valuable commodity in the world.