“We are drowning in information, while starving for wisdom. The world henceforth will be run by synthesizers, people able to put together the right information at the right time, think critically about it, and make important choices wisely.” ~ E. O. Wilson
According to the most recently projected (ca. 2020) Statista estimates*, the world will see 328.77 million terabytes — or 120 zettabytes — of data being generated every day in 2023: the equivalent of almost 248 trillion (24812) 3.5-inch 1.44 MB floppy disks’ worth of data… 24-7, 365. And this figure is set to increase by over 50% to 181 ZB by 2025!
What does this exponential surge in the rate of bytes bouncing around organizations and global cloud networks mean for your business? How do you sift through all the input to make good decisions? Here are six steps you can take to address this data tsunami:
- Determine and gather the data that is relevant to your business. This can be from your own sources or from your customers, suppliers or other key sources.
- Organize that data into relevant information silos so that you can make sense of it.
- Analyze the information to understand what the trends are for your business and your customers and suppliers.
- Based on your analysis, develop insights about what you can do to improve business performance.
- Based on these insights, take the actions suggested to move things forward.
- Evaluate the results of these actions and make adjustments as needed.
Here is a great visualization to convey these steps:
If you need expert guidance sorting signal from noise, RoseRyan’s outsourced gurus can help you gather, organize, analyze and develop insights about your business.