The global data and analytics market accounted for $31.8 billion in 2021 and is projected to grow to $329.8 billion by 2030 — a compound annual growth rate of 29.9%.
We have no doubt that the COVID-19 pandemic accelerated this trend, as the entire world went digital over the last few years, resulting in more data creation than ever before. Each individual person generated 1.7 megabytes of data per second in 2020.
With this sharp increase in available data, it has been dubbed the new oil. And much like oil, its value comes from being extracted, refined, and put to use. When fully leveraged, data can help our teams and businesses move faster and make better decisions.
But how do you drive true organization-wide data excellence? What are some quick tips for moving from dark data to insights illuminated? And what strategies can you leverage to better harness your data?
The Pursuit of Data Excellence
Becoming more data-driven and data-empowered doesn’t happen overnight. It takes intentionality and a strong foundation to build atop of. As you start out, keep these six pillars in mind: strategy, governance, measurement, adoption & tools, stewardship, and literacy. Click here to dive into these six pillars and learn more about why it’s important to consider all of them, rather than a static strategy document.
Empty Promises? Or Data Backed?
Remember the days when companies and leaders could make bold, disruptive claims and it was enough? Stakeholders now want data-backed results. Customers want to see that your sustainability claims are having an impact. Employees want to see that your DEI strategies are truly embedded in the organization, not just a buzzword to attract new talent. In today’s world, claims are not enough and data cannot be ignored. So how do you start fueling your most important initiatives through the lens of data? Start here.
Data Literacy: The New Frontier in Workplace Skills
When it comes to the workplace, skills like typing and using Excel have become commonplace with most working professionals having a basic proficiency. So what’s the next skill that will become table stakes? Data literacy. As data becomes more democratized across organizations and among non-data professionals, basic literacy will be key for businesses to remain competitive. Click here to read more about what data literacy is and why it’s an important investment.
From Dark Data to Illumination
As mentioned earlier, A LOT of data is being created every second of every day. The inevitable result? Data that isn’t being put to use for your business—or dark data. There are many reasons why harnessing all of our data can be challenging, from it being difficult to access to it being incomplete or unreliable. A 2022 report notes that nearly half of all data can be considered “dark.” So how can you refine this dark data to fuel your business? Here are a few examples.
The Data You’re Not Yet Analyzing
Now that you’ve read a few examples of how companies are leveraging their dark data, how and where should you begin? It can feel overwhelming to decide where to start. Org wide? Within a department? Within a system? Pinpointing a specific use case in which leaders need to elevate new data insights is a way to simplify and quell the swirl of overwhelm. Click here to dive deeper.
Ready to harness your data to unearth new insights? Reach out with your availability to schedule time with our data team.