According to estimates from IBM, around 90 percent of the world's current data was created within the last few years, and an additional 2.5 quintillion bytes – or 2,500,000 terabytes of data – are added on a daily basis. This information comes from a variety of sources, including the systems and solutions businesses currently use to manage their processes, as well as from platforms like social media, photo and video content and more.
Investments in data management solutions grow
With so much information available at their fingertips, it's not surprising that organizational leaders across every industry are looking to mine key insights to support their internal decision-making. Obviously, though, this isn't a pursuit that businesses can efficiently or accurately complete by hand. For these and other reasons, enterprise investments in solutions that support and enable data management and information analysis are on the rise.
According to a recent report from MarketsandMarkets, the market for enterprise data management in particular is on track to expand by a more than 10 percent compound annual growth rate, reaching a value of $105,195 million by 2020.
"The major forces driving this market are the growing need for data management in organizations as a necessary requisite for business continuity and the need to reduce the total cost of ownership of data," MarketsandMarkets researchers noted.
Supporting improved decision-making: Benefits of data management
There are several key advantages that data management solutions can bring for today's enterprises, including the ability to have more insight to support decision-making for critical processes and activities.
As SimpliLearn contributor Naren Madan pointed out, customer services are a leading source of enterprise data, and leveraging this information can result in enhanced customer engagement and reduced churn overall. One grocery chain, for example, mines its customer-focused data in order to inform decisions about loyalty programs. Since using insights provided by the stores' 770 million customers, the grocery chain has experienced 60 percent redemption rates in loyalty program offerings as well as a significant increase in overall revenue.
Customer relationships aren't the only element that can benefit from improved data management and associated decision-making. In addition, information related to internal operations and activities can be analyzed and used for improvement as well. For instance, by better managing operational metrics and having visibility into these benchmarks, organizational leaders can identify areas of low performance and can proactively allocate the necessary resources to bring these areas up to par. In this way, companies can put in place more effective working processes for employees while saving time and money in the process.
Data management: Finding the right solution
These are just a few of the potential advantages of decision-making supported by the most up-to-date data. However, organizations must have the right solution in place in order to reap these and an array of other benefits.
Best-in-class data management technologies include capabilities for data cleansing, list processing and segmentation as well as the ability to merge or purge information from other platforms. To find out more, connect with the experts at SFG today.