No doubt, data growth is one thing that each and every one of us has to deal with, especially businesses. But is all the data we collect in our professional lives really worth the trouble?
Sure there is regulatory compliance that makes us keep everything, but since we are all becoming digital hoarders, we need to be mindful that the data we do accumulate is not “dirty.” Not that kind of dirty…dirty in terms of the quality of the data. Is it usable? Could it be leveraged? Does it provide insight? What’s the point of storing it (other than we have to), if we aren’t going to use it to garner some level of insight that moves the business forward?
Just consider the costs of dirty data as reflected in InsightSquared’s infographic:
- 600 Billion dollars per year for US businesses
- $1.3 Trillion per year to the US economy
Simply increasing the usability of data i.e. turning dirty data into clean data a mere 10%, a Fortune 1000 company could increase revenue 2.1 Billion dollars!
Storing data is what we do, using it to your advantage…well that’s up to you.