In 2020, analyst firm International Data Corporation (IDC) predicts the world will generate around 59 zettabytes of data. According to the firm, “a large hard drive for a personal computer might have a terabyte of storage capacity. Now imagine filling one of those with data every day for around 161 million years, and you’ll have an idea how much data will be ‘created, captured, copied and consumed’ in 2020 alone.”
In a world where data is fast becoming a company’s most prized asset, the potential to create business value from real-time data streams is growing exponentially every day. Consider the daily stats below to get a picture of the growing potential to better understand customers and create value with data:
- 500 million tweets are sent
- 294 billion emails are sent
- 4 petabytes of data are created on Facebook
- 4 terabytes of data are created from each connected car
- 5 billion searches are made
Generating Value with Data
The real-time data streams that consumers generate every day provide a treasure trove of information that companies can use to improve engagement with customers, optimize operations and processes, and even create new products. This connected intelligence includes generating data that can be sold or shared with partners to monetize new services, using data to improve customer service, and leveraging analytics for better decision making.
If you’re looking for new ways to generate value with data or expand upon your current data monetization efforts, we uncovered a recent TechTarget article that highlights four key focus areas and a framework for success. Take a look:
- Mindset: Companies must have a willingness to invest in data initiatives and take the related risk, according to the article. This includes understanding and trusting how data is generated and used, as well as driving a data-oriented culture that experiments and tests ideas as part of the innovation process.
- Skill Set: According to the TechTarget article, success in creating value from real-time data streams requires “acquiring and orchestrating” the right resources and talent from across the business. Cultivating cross-functional cooperation and mechanisms for coordination also helps in utilizing talent from across the company.
- Data Set: In a real-time world, it’s critical for companies to identify and access data streams for value creation in the moment. The data can come from internal sources or external sources, such as consumer applications, social media, and messaging platforms. Additionally, companies should constantly monitor data quality, including timeliness, completeness, accuracy, as well as ensuring that the company has a data governance policy.
- Tool Set: From a technology perspective, both hardware and software are required to succeed, including advanced analytics and business process modeling. Also, today’s tools for integrating real-time data streams into your company’s workflows, business rules, and systems can accelerate the process of spotting opportunities to generate value.
If you’d like to learn more, including additional recommendations for success, read the complete TechTarget article.