We are living in the age of data deluge. Historically, much of the talked about data has centred around the three Vs- volume, velocity, and variety. According to one estimate of IDC, worldwide data created annually from all sources is bound to grow tenfold between 2013 and 2020, taking the present numeral from 4.4 trillion GB to 44 trillion GB.
Considering the digital transition that is expected in the coming years, it can be fairly assumed that if any organisation (whether big or small) can strategise in accordance with the influx of data, it should be able to succeed. According to MIT researchers, companies those excel in data-driven decision-making are 5% more productive and 6% more profitable than their competitors, on an average.
Author: Harpreet Singh Dua