We generate around 250-billion gigabytes of data daily, equivalent to filling 250-million 1Tb hard drives every 24 hours. And around 90% of the data that exists today was made in the last two years.
According to Sithabile Technology Services (STS), this data helps businesses improve their operations and make more informed decisions.
But, company experts caution, only if you can access it affordably, secure it properly or make sense of it. Otherwise, data adds little value and can instead incur serious costs–particularly if the data is unstructured and unclassified.
The ‘just in case’ mistake
Businesses make numerous data management mistakes, often caused by a lack of understanding, says Richard Tatham, GM for alliances at STS.
He gives the example of businesses storing data from 10 or 15 years ago “just in case” they need it. STS’ senior enterprise consultant Malcolm Tiley explains that, while holding onto data for a rainy day might seem prudent, it’s no longer practical considering how fast data is growing.
Consequently, given the current economic climate, businesses carry unnecessary costs that they can hardly afford.
Take the private medical aid industry as an example, continued Tiley. Whenever a customer submits a claim, the process creates a whole host of data. If you don’t have a well-considered data management strategy, you won’t be able to use the data effectively. For a medical insurer, this could delay the processing of the claim, which harms customer experiences.
Developing a data culture
For businesses across Africa and the globe, making the most of data requires building a data culture. This culture encourages behaviours and beliefs around data management, supporting the business to make data-driven decisions.
For Tiley, a comprehensive data culture combines simplicity, savings, security and sustainability, “Comprehensive data management and holistic reporting differentiates those who are truly data-driven from those who are not.”
Businesses have to understand where their data is sitting, the pair agreed. Yet keeping tabs on all your information in a hybrid world, and managing it properly, is a challenge.
When it comes to data management, unknowns drive up a business’ expenses, says Tatham. Businesses incur additional costs because they’re buying premium-tier storage for something that doesn’t require it.
“If your data is sitting in the wrong place based on the type of information it is and how frequently it is accessed, as a simple example, your environment will be unnecessarily complex and costly,” he concludes.
“Creating a data culture comes down to getting a more holistic view of your information and your environment so that you can make the best decisions based on your specific needs.”