Executives now see that data is not only a corporate asset, it is a competitive advantage, yet studies still show 40% of all business initiatives fail due to inconsistent, incomplete or duplicate data. And there’s a price to pay for these deficiencies – with sharp increases in costs, compliance risks, delays, inefficiencies and decreased customer satisfaction.
In addition to these challenges, companies are also managing enormous amounts of data. With the explosion of Big Data initiatives and the Internet of Things (IoT), the data and analytics challenge only gets more complex. In fact, a recent IDC report predicts that the Digital Universe will grow to 44 zettabytes of data by 2020.
As companies generate more data, the question becomes how to hone in on the important facts and turn those facts into valuable insights.