Great Data Puts You In Driver Seat: The Next Step in The Digital Revolution
The industrial revolution began in mid-late eighteenth century, introducing machines to cut costs and speed up manufacturing processes. Steam engines forever changed efficiency in iron making, textiles, and chemicals production, among many others. Transportation improved significantly, and the standard of living for the masses went saw significant, sustained growth.
In last 50-60 years, we have witnessed another revolution, through the invention of computing machines and the Internet – a digital revolution. It has transformed every industry and allowed us to operate at far greater scale – processing more transactions and in more locations – than ever before. New cities emerged on the map, migrations of knowledge workers throughout the world followed, and the standard of living increased again. And digitally available information transformed how we run businesses, cities, or countries.
Forces Shaping Digital Revolution
Over the last 5-6 years, we’ve witnessed a massive increase in the volume and variety of this information. Leading forces that contributed to this increase are:
- Next generation of software technology connecting data faster from any source
- Little to no hardware cost to process and store huge amount of data (Moore’s Law)
- A sharp increase in number of machines and devices generating data that are connected online
- Massive worldwide growth of people connecting online and sharing information
- Speed of Internet connectivity that’s now free in many public places
As a result, our engagement with the digital world is rising – both for personal and business purposes. Increasingly, we play games, shop, sign digital contracts, make product recommendations, respond to customer complains, share patient data, and make real time pricing changes to in-store products – all from a mobile device or laptop. We do so increasingly in a collaborative way, in real-time, and in a very personalized fashion. Big Data, Social, Cloud, and Internet of Things are key topics dominating our conversations and thoughts around data these days. They are altering our ways to engage with and expectations from each other.
This is the emergence of a new revolution or it is the next phase of our digital revolution – the democratization and ubiquity of information to create new ways of interacting with customers and dramatically speeding up market launch. Businesses will build new products and services and create new business models by exploiting this vast new resource of information.
The Quest for Great Data
But, there is work to do before one can unleash the true potential captured in data. Data is no more a by-product or transaction record. Neither it has anymore an expiration date. Data now flows through like a river fueling applications, business processes, and human or machine activities. New data gets created on the way and augments our understanding of the meaning behind this data. It is no longer good enough to have good data in isolated projects, but rather great data need to become accessible to everyone and everything at a moment’s notice. This rich set of data needs to connect efficiently to information that has been already present and learn from it. Such data need to automatically rid itself of inaccurate and incomplete information. Clean, safe, and connected – this data is now ready to find us even before we discover it. It understands the context in which we are going to make use of this information and key decisions that will follow. In the process, this data is learning about our usage, preference, and results. What works versus what doesn’t. New data is now created that captures such inherent understanding or intelligence. It needs to flow back to appropriate business applications or machines for future usage after fine-tuning. Such data can then tell a story about human or machine actions and results. Such data can become a coach, a mentor, a friend of kind to guide us through critical decision points. Such data is what we would like to call great data. In order to truly capitalize on the next step of digital revolution, we will pervasively need this great data to power our decisions and thinking.
Impacting Every Industry
By 2020, there’ll be 50 Billion connected devices, 7x more than human beings on the planet. With this explosion of devices and associated really big data that will be processed and stored increasingly in the cloud. More than size, this complexity will require a new way of addressing business process efficiency that renders agility, simplicity, and capacity. Impact of such transformation will spread across many industries. A McKinsey article, “The Future of Global Payments”, focuses on digital transformation of payment systems in the banking industry and ubiquity of data as a result. One of the key challenges for banks will be to shift from their traditional heavy reliance on siloed and proprietary data to a more open approach that encompasses a broader view of customers.
Industry executives, front line managers, and back office workers are all struggling to make the most sense of the data that’s available.
Closing Thoughts on Great Data
A “2014 PWC Global CEO Survey ” showed 81% ranked technology advances as #1 factor to transform their businesses over next 5 years. More data, by itself, isn’t enough for this transformation. A robust data management approach integrating machine and human data, from all sources and updated in real-time, among on-premise and cloud-based systems must be put in place to accomplish this mission. Such an approach will nurture great data. This end-to-end data management platform will provide data guidance and curate an organization’s one of the most valuable assets, its information. Only by making sense of what we have at our disposal, will we unleash the true potential of the information that we possess. The next step in the digital revolution will be about organizations of all sizes being fueled by great data to unleash their potential tapped.