There's no ignoring the digital tidal wave of data that's upon us. Every day, consumers create more and more digital breadcrumbs for marketers to sift through, parse, and act on. The data universe will only continue to expand, with digital producing 40,000 exabytes by 2020, according to IDC.
Data scientists like Nicole Dvorak at Forrester, say analyzing and acting on all this data requires creativity in addition to being analytical. "There are so many different data sources and ways you can combine and analyze data that the approach is the creative part. Of course you need to have the tools and the skills and the statistical competence to be able to do it. But also you need to step back and think about whether your approach is the best one," she said.
Other influencers who write about data and data analytics have recently been sounding off about whether or not companies are ready to deal with the data generated from the Internet of Things (IoT).
Bill Franks at TeraData said we can't analyze anything related to IoT until the infrastructure investment is made to create, acquire, and make available the data necessary for analysis. "There are plenty of wonderful ideas and plans out there for the AoT (Analytics of Things). However, the biggest barrier for most organizations is actually getting the data required in the hands of those who can analyze it," he said in his blog, "Without Things, There is No Analytics of Things (AOT)."
Michael Lock, vice President, Analytics Research at Aberdeen, wrote about "Why Your Users Should Care about IoT Data," Companies that have the right processes and internal capabilities in place are simply better positioned to exploit the potential of analytics and make better decisions, he explained.
"Understanding the pedigree of a best-in-class company helps connect the dots between data usage and business performance. Companies that are committed to not only capturing and storing IoT data, but exploiting its value in the analytical process, are able to create faster and richer insights, delivering substantial business results," Lock said.
And in his blog, "Eight Data and Analytics Capabilities You'll Need for the IoT," Babson College Professor Tom Davenport said there's a lot of work to be done around the analysis of IoT data. "The good news (in addition to its potential) is that most organizations have a few years to get better at these capabilities before the real onslaught hits. The sensor devices, IoT data standards, and data management platforms are still in their relatively early stages, and no customer, business partner, or CEO could reasonably expect that you could tame all that IoT data today," he said.
How are you preparing for the IoT data deluge?