Managing Data in the 21st Century – Part 1

This is the first of a three part series on “How Smart Companies Manage Data in the 21st Century.” I am going to focus on trends and statistics for this first part and then as we progress, we will dive into how to get actionable information out of data.

In the past 10 years, data generated globally has grown faster than our ability to store and manage it. According to IDC, “Over 2 gigabytes of information are being produced per person, per year. 95% of that data is unstructured with only 25% being images.” The experts predict that mobile devices alone will generate 6.3 exabytes of data by 2015, 26 times more than today. Even more surprising, IDC states that “Almost half of the digital universe does not have a permanent home.” With the pressures to increase network security and adhere to regulatory standards, data management is one of the most pressing challenges for business IT executives today.

 

Here are some sobering facts: 85% of CEO’s realize that information is the key strategic asset, but only 36% of them report being well positioned to use information for growth. The barriers to their success: 46% of companies report low-performing hardware, 37% report out-of-date hardware and 23% report unreliable hardware.

To prove the point even more, 15 of 17 industry sectors have more data per company than the U.S. Library of Congress. That means the volume of data an average business collects and stores doubles every year. The growth of data is outpacing storage capacity 2 to 1 and while 83% of businesses plan to grow their datacenters in the next 2 years, 80% of businesses are limited by the cost of space and power.

So what makes the difference between barely surviving and thriving in today’s marketplace? Well, I can tell you it is not just hardware, software, your staff and sleepless nights. Come back for part two of this series and you will soon see.