Beyond the sheer volume of data that businesses around the world are producing there is also the question of the quality of that data when it comes to its use, retreival and archiving. A recent McKinsey & Company report on Big Data revealed some interesting facts and figures as it looks to the US economy and its 17 core segments…most interesting is that most companies regardless of industry with more than 1000 employees are storing more data than the US Library of Congress!
How will the sheer volume of stored Data affect the future technology decisions and impact the broader scope of things like Business Intelligence and Analytics? Are we entering a era of truly predictive analytics?
I hear from my clients almost everyday that they are expanding their storage. Tthey have not yet taken the fundamental step of ensuring quality assurance for masses of unstructured data. The introduction of Cloud Services through applications like SaaS CRMs and into the internal databases through their legacy ERP systems contain the highest quality inputs to ensure that it can be used later for analysis and potential strategic plan development.
Take a step back and build a structured Data Quality Program now. It is easier and more cost effective to maintain a high level of quality than it is to back fill and fix a dumping ground of every snippet of insight and information.
Chris J Powell