Data quantities and the number of sources it comes from are on an upward trajectory and we don’t see this course changing. As all businesses are encountering this same data bombardment scenario, they can either join the global hunt to cash in on the digital currency for a competitive advantage or sit back and cross their fingers that they maintain their current market standing.
Businesses looking to truly realize value from data whether it is to increase revenues, create a more loyal customer base, identify new opportunities, and so on should bring together their big data and enterprise data streams so it can all be accessed and analyzed for insight. A two-pronged approach should also be pursued to gain the most return from data: seeking insights to meet specific business outcomes while, at the same time, employing an innovation agenda to test and play with data to find patterns that aren’t clearly evident.
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