Data has never been so important, whether it’s collecting information on employees, the productivity of the business, or consumer conversions.
To find out the actual need for data in organizations, and the challenges it presents, data company Ocient surveyed 500 technology leaders across a variety of industries. The annual revenue of the organizations in the survey range from $50 million to $5 billion.
85% of the C-level respondents said that they believe there is a connection between developing faster data analytics and improving company revenue. On the back of this, 97% of those surveyed think that the amount of data used within businesses will rise rapidly in the next five years.
According to John Rydning, research vice president of the IDC Global DataSphere, a measuring platform that analyzes how new data is created, captured, replicated, and consumed each year: “The Global DataSphere is expected to more than double in size from 2022 to 2026.”
In addition: “The Enterprise DataSphere will grow more than twice as fast as the Consumer DataSphere over the next five years, putting even more pressure on enterprise organizations to manage and protect the world’s data while creating opportunities to activate data for business and societal benefits.”
Data is undoubtedly becoming commonplace in every area of business, but this doesn’t mean that leaders don’t have concerns.
Issues with data
Despite a desire to use more data, there are problems with information collection. Notably, 62% of leaders said that the volume of data is growing too fast.
In cases where there is a surplus of data without purpose, businesses are losing money because there is no longer value being added to the figures. Instead, insights can get messier or simply become too obtuse to present for business cases.
49% of respondents also said that they are worried that they do not have the talent to analyze the data. The same percentage of people felt that current solutions were not malleable enough to give them the insights they need.
The issues that were flagged by respondents ultimately amount to effective management. This is reflected by the fact that 68% of leaders are worried about the security and risk of their data programs.
Evidently, organizations need to have a handle on their data systems and use tools to monitor them effectively. Otherwise, costly mistakes will occur.
Chris Gladwin, co-founder and CEO of Ocient, commented on the findings of the study: “Data analysis is no longer a ‘nice-to-have’ for organizations. Hyperscale [scale rapidly with demand] data intelligence has become a mission-critical component for modern enterprises and government agencies looking to drive more impact and grow their bottom line.
“With the rapid pace of growth, it’s imperative for enterprises and government agencies to enhance their ability to ingest, store, and analyze fast-growing data sets in a way that is secure and cost-effective.”
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