The volume of data is skyrocketing as diverse data sources, processes and systems show unprecedented growth. Companies are trying to capture and store everything, without first establishing the data’s business utility.
The fact is, technology is enabling this proliferating data complexity — continuing to ignore the need for an enterprise data strategy and information management approach, will not only increase “time to insight,” but it may actually lead to incorrect insights.
Companies must act now to focus, simplify and standardize big data through an enterprise data management strategy. Otherwise, technology will drive increasing data cost, complexity and inefficiency; companies will be unable to benefit from advanced analytics like machine learning; and they will be unprepared for the next wave of data growth triggered by new technologies like Internet of Things (IoT) and blockchain.
Companies that don’t act now will find themselves at a disadvantage.
Managing the data growth dilemma
The growing tsunami of data is both a boon and bane to businesses in the digital age. Limitless oceans of data, often reflecting customer experience as it happens, have the potential to remake supply chains and business models.
These models can and should be more efficient, productive, flexible and responsive. But right now, data is a mess. The current period of hyper data growth leaves most companies in a position where their ability to uncover business insights is effectively hidden within an increasingly complex and often unfathomable amount of data.
How can we expect data, which today is one of the biggest transformational roadblocks at many companies, to enable an entire ecosystem? EY report, Digital supply chain: it’s all about that data, explores the promise and perils of the “big data era” in order to encourage all of us to proactively address the issues.
Frankly, it’s “all about that data.”
EY Law Services contacts:
Peter Katko – Global Digital Law Leader
Fabrice Naftalski – IP/IT Data Privacy Leader