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Five ways to figure out how to make the most of your data

IbyIMD+ Published 22 June 2022 in Magazine • 8 min read • Audio availableAudio available

Organizations are sitting on a gold mine of data, but very few are reaping the rewards. Putting the right infrastructure in place and demystifying data analytics among employees will help companies unleash the power of their unused data to gain a competitive edge.


Last year, organizations created 74 zettabytes of data, equivalent to a trillion gigabytes. To put this into context, an HD movie typically takes up a gigabyte of space on a computer’s hard drive. Yet only about 5% of organizations end up making decisions that add value using this data 

The reasons come down to a lack of workable data, as well as broader mistrust and fear of data among employees.  

First, companies often lack the right infrastructure and tools to correctly organize the data they need. For example, they might want to send discount vouchers to customers to encourage them to buy more of a certain product, but the data on customer purchases and the data on pricing may be hidden away on separate servers. Without access to the right data, that is clean and well-structured, companies cannot go about analyzing customer preferences or coming up with innovative new products. 

Secondly, employees are often intimidated by data and wrongly believe that they need to be a computer programmer or data scientist to make sense of it. This is a myth. With the right tools and mindset, all employees can harness data to make decisions that add value. 

As data analytic tools and machine learning technology become more prevalent and easier to use over the next…

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