Managing the Digital Data Explosion

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Managing the Digital Data Explosion

The amount of digital data is exploding.

Don’t believe me. Here are some stats:

The amount of data available for analysis Software Managers Email List grows 20% each year
Currently 1.6 Zetabytes of data exist – that’s equivalent to 47 years of HD TV programming
80% of data is unstructured, which is harder to analyze
The velocity of data — amount of data generated per minute — has increased significantly
Managing the digital data explosion

 

Software Managers Email List

Many companies did a relatively poor job analyzing data before the digital data explosion. For instance, a local grocery chain used scanner data to send automated re-orders to vendors, but never linked the loyalty club data with the items purchased. The marketing value of using this data far exceeds the logistical value.

And, they had the data!

With the digital data explosion, brands are literally drowning in data they don’t or can’t use.

digital data explosion

Take a look at the diagram below. It shows:

Most of the data available each years is digitized (99%) and over 1/2 comes with an IP address
Data is generated automatically by mobile devices and computers — think Facebook, search queries, directions and GPS locations, and image capture

Sensors also generate volumes of data, including medical data and commerce location-based sensors, such as . Experts expect 50 billion IP-enabled sensors by 2020

Even storage of all this data is expensive. Analysis gets more important and more expensive every year
Firms need to revolutionize their ability to learn from this data, which requires statistical inference, such as predictive analytics, machine learning, and algorithms.

 

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