We are now well and truly embedded in the 4th industrial revolution. With the transformative development and adoption of technology has come the dramatic increase in the volume and importance of the fuel that drives that technology – data. Having been working in the data industry for more than 30 years, I have seen ﬁrst-hand the dramatic growth and impact that data is having on consumers and businesses.
The stats are staggering – IBM research from 2019 calculated that 90% of the data that exists today was created in the last two years and the IDC estimate that over 2.5 quintillion bytes of data is created every day at the current pace. Stop and think about that for a moment. That’s a phenomenal amount of data to collect, process and hold, however data savvy you are! And with this vast – and ever growing – volume of data comes greater responsibility. In the GDPR era, that responsibility has legal implications and the potential for business damaging ﬁnes and reputational damage.
The old adage ‘garbage in, garbage out’ has never been more true or more important for businesses. Good quality data means better business decisions, better marketing and more proﬁtable relationships. As a strong proponent of responsible data management and, transparency, I am talking to clients and partners every day about data quality and I am encouraged that this is now very much on the agenda.
Ultimately, the message is simple – treat your data assets with the respect and care they deserve and reap the many rewards.