9 Eye Opening Stats on Data Management

9 Eye Opening Stats on Data Management

Data management is one of the most significant challenges facing businesses today. Most companies are already collecting data, but have little to no success in turning that data into value. It is important to highlight statistics that illustrate just how important data management is moving forward, and where many companies go wrong in their data management efforts. 

Data Collection is Growing

Data is booming worldwide. It is growing at an inconceivable rate. Each day, more and more cyber physical products are entering the market making it significantly easier for companies to begin collecting their own data throughout their operations — the first step in any successful data management strategy. 

  • It is estimated that 74 zettabytes of data will be generated in 2021 — equal to 74 trillion gigabytes (Statista).
  • Every minute 1.7 MB of data is created for every single person on the planet (IBM).
  • Data volumes are growing around 60% per month in mid to large businesses (IDG).

Quality Data is Lacking

Low quality data can be a major setback to a business. Most companies are involved in data collection in some manner, but it remains vital to collect quality data in order to use it for improving performance. Without clean, accurate data, the data management strategy is bound to fail. 

  • 83% of organizations understand the importance of data in their strategy, but 69% say that inaccurate data is holding them back (RingLead).
  • The average cost of poor quality data can cost a business between $9.7 million and $14.2 million annually (Entrepreneur).

Data is Not Being Used to its Full Potential

When collecting mass amounts of data, it is important to use it to its fullest potential. Companies must make sure all of the generated data is being used, and if not, they should re-evaluate their data analysis methods. Additionally, the insights that are discovered must be shared with all of the important stakeholders. 

  • An estimated 97% of data in a company is unused (Accenture)
  • Only half of frontline workers have access to company analytics (Microstrategy)

Data is a Massive Source of Competitive Advantage

A successful data management strategy can see huge benefits within a company. It is the key to driving performance and getting ahead of the competition. 

  • Companies driven by data are 23x more likely to acquire customers, 6x times as likely to retain customers, and 19x times more likely to be profitable (Keboola).
  • Companies who analyze big data effectively report an average of 8% increase in revenues and a 10% reduction in costs (Bi-Survey).

The most simple way to enhance a company’s data management strategy is to reach out to experts in the industry. A4 Systems is a world-class team of cyber physical system product developers transforming quality data into a primary competitive advantage. A4 builds mission-critical SaaS products for customers to achieve breakthrough performance.