The Rise of the Data Team
Implementing analytics at your company is a multi-team job. Here, we focus on the role of the data team in successfully applying advanced analytics and ensuring that you get the most from your data to make your organization truly data-driven.
Smart organizations already appreciate the power of data and its influence on building successful strategies. Their challenge isn’t to convince decision-makers that they need advanced analytics. Instead, they need to ensure that their organizations benefit fully from all the data at their fingertips and reassure them that they aren’t missing out on capturing and analyzing key pieces of data. That’s why the data team has become so vital. Let’s look at what’s behind the rise of the data team.
More data + more complexity = more FOMO
You know data is growing quickly every day, but did you know that 90% of all existing data has been generated in the last two years alone, and it’s anticipated that the global datasphere will expand from about 44 zettabytes (ZB) in 2020 to 175 ZB by 2025?
That’s an immense amount of data to capture and manage, and it’s coming from more sources and in more formats than ever before. Every function of every organization generates data in its own way from the various products it develops and tools it uses. This data lives on-premises, in the cloud, or both, existing in an incredibly complex network. If properly analyzed, this data can provide game-changing insights into market dynamics, the customer journey, and product performance.
The problem is that there’s so much of it, and it’s being created so quickly, that it’s difficult to keep track of it all. Only about 9 ZB of this mass of data may actually be stored, and only about one-third of that will actually be used. Data-savvy organizations know that this is unacceptable, because neglected and missing data could contain the key to their competitive edge.
The solution to their fear-of-missing-out (FOMO) problem is to implement an advanced analytics platform with a comprehensive library of data connectors and expand their data teams to get the most of their data and analytics.
This article was originally published by Sisense, read more.