International Data Corporation’s (IDC) annual audit of global data inventories has once again thrown up some fascinating figures and the realisation that we need to start talking in terms of zettabytes (ZB) which equal a trillion gigabytes (GB) of data. With an expected 5,247 GB of data produced per person by 2020, the global data supply could climb from 2.8 ZB in 2012 to 40 ZB by the end of the decade!
We all know that there is a lot of data out there, and that it is increasingly critical to business development. But what was particularly telling in this latest Digital Universe Study is that just 3% of all data is currently tagged and ready for manipulation, and only one sixth of this – 0.5% – is actually used for analysis.
This enormous difference in availability and exploitation represents a significant missed opportunity by businesses which should be looking at better ways to exploit this valuable data. The way to do this is to ensure that all data is tagged at point of creation and is then brought into the ECM or ERP for analysis. At ReadSoft our starting point with any solution is to electronically capture any and all relevant data that enters a business system in a whirlwind of information and formats. The automatic processing of documents enables us to meta tag every piece of relevant data enabling it to be searchable and recoverable. Once captured, the data can then be used by the business through full integration into an ECM or ERP system for automating process workflows. Critically, once that tagged data is in the ECM or ERP then it becomes instantly available for business analysis and benchmarking operations.
Typically we see a business with automated back office processes producing data which can be used for such high-level analysis. It allows an organisation to start comparing itself against both competitors and more importantly against best in class organisations. By analysing company data a business not only gains the tools to identify new opportunities for driving efficiency, it gains a better understanding of what it will take to become a top performer in its given market. IDC estimates that almost a quarter of data currently held could yield useful insights if properly tagged and analysed. What is clear from this research is that businesses need to be better educated on the immense potential value that lies locked in the data that is gathered and then stored away.
There is one more thing to consider, if data is tagged and managed correctly, and its value understood, organisations would take greater steps to protect their data. IDC observed that in 2012 less than one fifth of the world’s data was protected, this despite 35% requiring such measures! Manual process we know from experience is rife with error, and often can result in misplaced and lost documentation. Within a business environment that can have serious impact in terms of compliance. Within financial and public sector/service organisations, especially medical, which IDC identifies as growing fourfold by 2020 in terms of personal data generation, then the security implications are greatly enhanced.
It is plain that if the value of data is not understood, security will lapse. But if data is rightly recognised as a core value proposition within the company, is properly managed electronically from the first moment a document enters the organisation then security protocols that are already in place within the business can all be brought to bear. With the increasing interest in moving data from within the business to shared services, BPO providers and ultimately the Cloud, data security will come up the board agenda, but it will only matter if the board understands the inherent value of the organisation, and by that we mean the data which drives it.
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