By some estimates, more than a zettabyte of information (that's 1,000,000,000,000,000,000,000 bytes) now circulates around the internet. And while that may seem like a lot, analysts believe that the quantity of data available to businesses will increase by 40 percent every year for the foreseeable future.
The volume of data about to be unleashed will make organizations' current data challenges seem like simple arithmetic. But the organizations that will win in the longer term will be those that can stop simply gathering information, and instead start understanding insights from data they already possess.
– Mark Goodburn
Global Head of Advisory
Today, the problem facing organizations is not how to gather more data, but rather how to wade through the deluge to gather the most valuable pieces of data that – when properly analyzed – will deliver a raft of insight.
According to a recent KPMG survey* of C-level executives, knowing what data to collect is the biggest barrier to implementing a data and analytics strategy across the business.
After all, it is too easy to think of big data around the three V’s of velocity, volume and variety. What matters more is the value that huge amounts of data can bring and the veracity of that information.
This deluge of data is no longer limited to what organizations and their supply chain partners continually generate, store and retrieve. Today, it also includes the soaring volumes of external and largely unstructured data generated by mobile device users, social networking and other sources.
Indeed, it will be those organizations that know how to identify and analyze the right data and translate it to meaningful value that will have the strategic advantage.
*KPMG International D&A survey, August 2013