As global proprietors and consumers of data, we have now reached the point where it is necessary to start measuring stored data in terms of zettabytes; where 1 zettabyte is equal to a billion terabytes or a trillion gigabytes. It is an extremely massive number. And it includes with it an even more massive need for understanding.
The data visualization above shows global data volume in zettabytes, forecasted out through 2020. Essentially, the data volume doubles every 2 years.
We need to understand what all the data is telling us in order to derive value from it in the form of insight, which can then be utilized to drive smarter decisions and actions. We need to understand what specific kind of data or combination of data points allow us to become the best proprietors of data we can be. We need to understand what specific data elements are crucial to our businesses, and how to effectively manage the collection, standardization, cleansing, and integration of such data into our everyday strategies.
It is absolutely astonishing not just the massive amount of data that has been produced within the last decade, but the increasingly sharp velocity of that data. This means the rate at which the data is produced and then able to be systematically stored, processed, and analyzed.
With this increasingly sharp velocity and need to understand all of the vast amounts of data that is produced, the emphasis on analytics has never been greater. This emphasis stems from a need to not only better understand the ocean of data that continues to flood our everyday lives, but also to streamline the process through which data optimization can occur.
This monumental amount of data was one of the outputs of the latest digital revolution that has thrusted us forward into the digital age which we are currently operating in. However, in order to comprehend this massive amount of data and ultimately create value from it, analytics has become the necessary interpreter for our new universal language, data.
Globally, we are many different administrators of data living in just as many different countries, working for different companies with different missions, visions, strategies, and tactics. The one rising commonality that is becoming more and more clear is our collective demand for data analysis to provide us with answers to questions that we can provide data science to support.
The data visualization above shows global data analytics revenue (in $ US BN), forecasted out through 2020. The revenue from data analytics is expected to increase by 90%, almost doubling within 5 years.
We are no longer shooting from the hip and placing our best guesses on strategy decisions, but are now heavily investing in those who are highly skilled and experienced in the domains where optimal answers can be provided, tested, and evaluated based on dynamic success factors. Much like the latest digital revolution has evolved the ways in which data must now be stored due to its enormous stature, the need for smarter decision making has evolved the advancement of analytics, both as a practice and as a necessary interpreter of data.
We live in a world where the aforementioned, many different administrators of data from the many different countries can now share in the collective effort to collaborate with one another like never before. If one of the primary reasons for the invention of language to occur was to allow effective communication with one another, then it can be assumed the primary reason to produce and collect such a massive amount of data is to allow effective analyzing of such data. We are now entering a world where barriers are broken down and we are all really speaking the same language. The language of data.
If you are looking to find out more about the value that can be created from effectively and efficiently analyzing data, become a member of The Chicago Analytics Group today.
To join The Chicago Analytics Group on LinkedIn, please request membership here:
Join The Chicago Analytics Group on LinkedIn
To follow and engage in our conversations on Facebook please visit our page below:
Like and Follow The Chicago Analytics Group on Facebook
To follow and engage in our conversations on Twitter, please visit our page below:
Like and Follow The Chicago Analytics Group on Twitter
Founder, The Chicago Analytics Group