Data is everywhere. By 2020, it is estimated that 1.7 Mb of data will be generated every second for every person on Earth!
Without the right tools and mindset, all of this data will simply be noise. That’s why business leaders around the world are transforming their organizations to become truly data-driven. A data-driven organization leverages data as a strategic asset to enhance business efficiency and effectiveness.Data can become the cornerstone of positive transformation when turned into insights.
Insights provide information that is actionable and relevant, at all levels of the organization. They drive positive business outcomes, influence behaviors and enable more informed decisions; ultimately making a business more effective, efficient and intelligent. How effectively companies can turn data into insights will be a key differentiation over the next decade.
For example, Forrester forecasts that insights-driven companies will grow at least eight times faster than global GDP, or 27% annually. Insights-driven startups will grow 40%. Organizations that have already adopted this approach see output and productivity increase 5-6%, according to the MIT Sloan School of Management.
Insights are being transformed into data-driven intelligence with the collection, synthesis, analytics and visualization models now available. Additionally, as the data landscape continues to mature, algorithms, machine learning, and artificial intelligence (AI) will be increasingly used to derive insights. These “intelligent analytics” will be able to process large amounts of data in order to deliver intelligent recommendations.
Building a data-driven culture is not an easy task, and moving to a data-driven culture starts with trust. Trust is hard to build and easy to lose. As businesses look toward data for future opportunities, and that data continues to grow, IT departments will need to embrace technologies such as software-defined storage to help them manage it all. As a 20-year leader in data management technology, DataCore can help as you transform your IT organization to become data-driven.
Embrace the power of data. Stay tuned as DataCore actively releases new technologies that epitomize the culture of data-driven decision making!