28 November 2018

Do you know how to turn data into insights?

By 2025, companies will outpace private users as key data producers, with business generating 60 percent of the world's data.

The digital transformation that has occurred in the last decade has modified the way business is done, developing new ways to create and implement strategies within organizations.

With the emergence of new technologies and services, there is a whole new reality happening in modern business management. On one hand, an optimization of processes as never before and, on the other hand, organizations faced another challenge, what to do to the enormous volume of information that is generated and collected?

The information in its entirety, which gives rise to the so-called data, is currently the largest asset of a company. In fact, never as much data has been generated as now, since information is everywhere, at all times and in the most varied forms. According to IDC, the volume of data generated worldwide doubles in size every two years and it is expected that in 2025 the digital universe will grow to 163 zetabytes (ZB). This volume is almost ten times greater than the 16.2 ZB of data generated in 2016.

However, and at this still premature stage to analyze a new reality, it is estimated that only 20% of the total volume of this information is structured and consolidated so that it can serve as input to the organization's core business. In this sense, companies that are able to combine technology with processes, to customize their products/services, will be one step ahead of their competition.

Nowadays, organizations that have the technological means that allow access to important data, which provide them with essential information about the organization's performance or even about the profile of consumers, become more competitive organizations with high levels of performance.

The increase in data caused by mobile devices and the fact that we are constantly connected to the network generates a huge amount of information. But this only adds value to the organization if this information is stored, analyzed and visualized. And this, yes, is a great challenge that organizations face, because it is not enough to capture data, it is essential to reflect and make decisions from them.

Contrary to what happened a few years ago, when the data were only analyzed by people, today the analytical process is very agile and extremely fast. This change has allowed integrated management based on real-time information, support for decision-making based on a company diagnosis, and finding the most appropriate solutions to meet constant challenges. In this context, Business Analytics and Big Data tools have become a fundamental element of business support and have a direct impact on results.

Simply put, it is these technologies that will give us access to this data in a much faster way, with user-friendly and easy-to-interpret visualizations that allow us to act quickly. These tools allow to better understand surroundings, explore opportunities and even create new business, gaining competitive advantage by doing a more detailed analysis of your data.

According to IDC, in 2025, companies will outpace private users as key data producers, with business generating 60 percent of the world's data. We can thus say that the decade centered around the conversion of analogue data into digital is being replaced by a new era, centered on the value of data and in creating, using and managing life critical data, necessary for the day to day consumers, governments and businesses.

For a manager, these are essential tools because an informed manager is a manager who makes the most objective and relevant decision for the business.

 José Oliveira BI4ALL
  José Oliveira