More Data Doesn’t Guarantee That Analytics Will Deliver Digital Transformation

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More Data Doesn’t Guarantee That Analytics Will Deliver Digital Transformation

Capitalizing on digital transformation opportunities with analytics isn’t something that can be achieved by merely capturing, storing, and processing more data. Real, lasting change comes from turning that data into trusted, timely, and actionable insights that drive growth and profitability.

More than ever, businesses of all sizes are acquiring vast amounts of structured and unstructured data at extraordinary rates. In fact, worldwide, quintillion bytes of data are produced every day through a stunning range of digital sources, devices, transactions, and networks that connect to, among other things, people, objects, and devices.

Every email; social media post; text message; online search history; app interaction; and financial, consumer, and healthcare transaction contribute to data volumes that are larger than anything we’ve seen before. It’s often estimated that nearly 90% of the data we have today was generated just in the last few years. This same volume, velocity, and variety of data collection almost equally apply to business transactions.

However, we often overlook the presence of disconnected and fragmented data silos – making it impossible to paint a complete picture of the business because different segments linger in detached states or isolated buckets. Left disintegrated, these data buckets rust in data warehouses and lakes – unless they evolve into cohesive and compatible building blocks that form the foundation of an intelligent enterprise.

Here are the top 10 reasons why analytics-driven digital transformation requires businesses to go beyond generating more data.

1. Data empowers us to make better-informed decisions, but not necessarily better decisions

The concept of “better-informed decisions” is distinctly different than the concept of “better decisions.” History is filled with examples of leaders making “bad” decisions, even with access to an ample volume of data.

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More Data Doesn’t Guarantee That Analytics Will Deliver Digital Transformation