Data is growing at a meteoric rate. In fact, the total amount of data generated by 2025 is set to accelerate exponentially to 175 zettabytes.1 And over the next two years, enterprise data is expected to increase at a 42% annual growth rate.
Hidden within these vast volumes of data are insights into consumer behavior, emerging market trends, even predictors of the future. For organizations, the goal is to make sense out of this rapidly increasing amount of data and find innovative ways to derive sustainable value from it, all while efficiently managing consumption of the cloud services that support data management and analysis.
Yet according to a survey of 255 business leaders and decision-makers conducted by MIT Technology Review Insights, 45% of respondents say they use data for only basic insights and decision-making. That’s a missed opportunity.
“There’s an absolute explosion of data sources both inside and outside of the enterprise,” says Channa Seneviratne, executive of technology development and solutions at Telstra, an Australian telecommunications company. “As a telco, our customer base, and the data that it generates, is a fantastic asset that we likely don’t utilize as effectively as we could.”
But that’s changing as Telstra takes advantage of today’s data economy. The data economy is the global digital ecosystem in which the producers and consumers of data—businesses and individuals—and government and municipal agencies gather, organize, and share accumulated data from a wide variety of sources. By connecting unconnected data across industry boundaries, organizations can glean richer business insights, tap into unexplored markets, serve citizens and consumers alike with data-driven products and services, and monetize their data by sharing it externally with key customers and suppliers.
The perks of participation
So how can organizations participate in the data economy? One way is by eliminating data silos that can prevent companies from gleaning compelling insights. Fortunately, more than a third (35%) of survey respondents are collaborating with partners to exchange data. This sharing of data assets is helping organizations unlock value and achieve significant business outcomes.
For instance, 66% of those sharing data assets are experiencing improved collaboration with partners and vendors. It’s easy to understand why. Data exchanges and marketplaces provide multiple stakeholders with a secure and reliable platform for gathering and sharing information in real time.
More than half (53%) of business leaders say that participating in the data economy has led them to create new business models. For example, using internet-of-things-enabled monitoring devices, Telstra delivers applications that convert waste, water, air, soil, and noise data into actionable insights. By combining this data with micro-climate data gathered from weather stations, the company plans to provide Australia’s agricultural industry with information that can be used for a range of activities, from predicting the health of crop yields to determining pesticide use. “We’re bringing together isolated pockets of data to create more value, insights, and applications,” says Seneviratne. “We’re now in a better position to monetize that data and add value.”
Telstra isn’t alone. According to Kent Graziano, chief technology evangelist at Snowflake, a data cloud provider based in Bozeman, Montana, “As the volume of data grows, many organizations are realizing that the data
By: MIT Technology Review Insights
Title: Capitalizing on the data economy
Sourced From: www.technologyreview.com/2021/11/15/1040036/capitalizing-on-the-data-economy/
Published Date: Mon, 15 Nov 2021 20:43:10 +0000
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