What is the data explosion?
In recent years the focus on the modern workplace has meant more companies are increasing collaboration, communications, and interactions. And this can only mean one thing – more data.
While more data is being produced, few organisations are thinking about what to do with this information. A lot of businesses are quick to forget that their data has to go somewhere and that keeping useful, valuable data is vital to business success.
Across our client base, we are seeing evidence that the ‘data explosion’ is real and that companies are finding controlling their data a challenge.
We work with organisations who have lots of data and are spending unnecessary costs on maintaining legacy systems. Businesses often aren’t getting value from their data because they don’t have any control over it; this is why risual and Automated Intelligence work in partnership to provide insights and ultimately value to the client.
Although organisations are finding the data explosion challenging, they are coming to the realisation that they need to sort their data out. This includes governance, GDPR, securing and protecting personal data, and having proper processes in place around sensitive data.
Think about the term data explosion- it’s about large volumes of data that is seemingly uncontrollable. Organisations are realising they need to respond to this but are stuck in the past with risk aversion mindsets and the fear of deletion.
Take Thomas Cook for example. The company was around for 178 years and for years, they adapted and survived the change in the industries around them. However, the speed of transformation recently has slowed down, and they didn’t steer their ship to keep up with the changing tides of the modern age. And of course, we know the result.
Did you know that on average less than 2% of business data is being analysed?
Trillions and billions of actions happen a day through public and private emails, IoT and all the other communication interactions organisations have, but few organisations are paying attention to the data.
As we move forward into a more digital age, we need to challenge our mindsets, challenge our data, and really get to the detail of where our data is exploding, where we need to analyse and where we really do need to delete.
When moving to newer systems, organisations are also leaving behind old data that they just can’t face dealing with. This attitude needs to be transformed into a can-do attitude to help organisations find the value in their data and move it successfully to their new systems.
It is very easy for leadership to give a delete button to their employees, however, whether it is utilised or not is a different story. A lot of clients have a built-in fear or resistance to deleting data with that “But what if?” mindset. But one of GDPR’s core principles is around data minimization, only keeping data that has a purpose, appropriate consent, and value.
GDPR should also be seen by organisations as an opportunity for them to change their mindsets and get better value. Clients want to trust the people they do business with, whether its large retailers, hairdressers or clothing shops. If businesses start analysing their data, finding insights and using them to create more robust data management strategies, then clients will feel the impact of this.
It is clear that data will always be the source of company development; the more data you have the more intelligence you will have. You’ve got the data at your fingertips – why not use it?
Evolve with the times. Control your data.