With almost 50% of the 7.8 billion global population transitioning to smartphones as of 2020 and a significant portion of the remainder being connected to a digital ecosystem in some form, worldwide data streams have emerged as manna from the heavens for businesses today. Not only can they look towards a better understanding and resolution of customer demands, the inherent risks of business – often the bane of many a successful idea – have been minimized as a result. As we continue our journey with data, I am sure that the future will only get brighter.
Unleashing the True Power of Data: A 2021 Perspective
Data can tell us interesting stories. It can make us more productive when leveraged wisely, drive innovation, and deliver individualized experiences that help ensure the ‘Wow’ factor to a customer’s journey. In other words, data is poised to be the engine of change in this second decade of the 21st century.
However, the sheer volume of data generated can prove to be a drawback. Today, we are acutely aware of the pitfalls of over-analysis or going after the wrong data set, challenges that can set us back instead of driving us forward. So wherein lies the solution?
To phrase it in a simpler language, ‘Data Data Everywhere, but not an insight that makes me blink!’ Simply put, we need to put context to our data streams and analyze it within an effective framework. This can then be processed into information for building knowledge and creating actionable insights (wisdom). Such a transition [Figure 1] would be vital in determining the organization’s continued success in a data-driven world.
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Figure 1: Data leading to Actionable Wisdom: From Symbols to Insights