“Every day, we create 2.5 quintillion bytes of data – so much, that 90% of data in the world today has been created in the last two years alone.” -- Computer Business Review
Information is the lifeblood of any business. Just as blood alone can’t support the body without a system for delivering it and its components to where it’s needed, all information generated or received by a business requires some level of processing to be useful. On a small scale, processing might involve an individual reviewing an email and forwarding it to a colleague with relevant data highlighted before filing it where it can be easily found for future reference. On a large scale, processing might involve tracking credit card transactions in real-time to identify opportunities for cross-selling and up-selling.
The term “Big Data” has evolved to refer to information generated or received by a business that challenges traditional processing tools because of its volume, velocity, or variety. However, because all information requires some degree of processing to be useful, and because data is getting “bigger” every day, adopting solutions for managing information assets has become a business imperative. Organizations that do so are better positioned to reap the economic benefits of the digital revolution. Even so, as of just two years ago, cross-industry studies were indicating less than half of structured data is actively used in making decisions, and less than 1% of unstructured data is analyzed, let alone used at all.
Stay tuned for more on the topic of Big Data management (also known as Enterprise Information Management, or “EIM”) and related matters, including our upcoming blog about Information Governance. In the meantime, here’s a look at Exela’s solutions for aggregating data from disparate sources and how we can turn even the most voluminous data sets into an organized, searchable source for generating actionable insights.
*Source for infographic: Harvard Business Review