Organizations nowadays naturally collect a large volume of data. However, 97% of collected data in not used by organizations (source: Gartner). The time, effort and cost to aquire, secure and store this volume of data is significant. Yet, the critical last mile between this information and its use is most often not met, even though it represents a massive area of business opportunity.
90% of unstructured data is never analyzed. So, organizations failed to transform raw customer data into valuable business insights, whether about products, development processes, website behavior or pricing. The value that lost is gigantic.
Customers are leaving millions of footprints in the form of metadata that can be transformed and support profitable strategies. The organizations that figure out how to do this the fastest, will be the most successful. But there isn’t one data management strategy to fit all: depending on your budget, the size of your business and its nature, and your business strategy, your needs will be different, and so will your data management strategy.
Data is the new engine for businesses to drive meaningful and profitable decisions. Businesses are understanding this, and so are governments. They defined framework of regulations regarding how businesses and public sector organizations can do with customer data. While data management is a great tool to support your business decisions, applicable regulations must be observed.