Amongst Holmes’ famous turns of phrase, was his use of the word ‘elementary’, defined as dealing with the simplest facts of a subject – which are often rudimentary. It’s these often overlooked simple facts that regularly lead Holmes to both the motive and the killer. In business, these same simple facts about customers and business operations are also regularly overlooked. In my experience, this happens because they’re hard to get to and can quickly build into a body of underutilised data. As a result, an organisation can have a caseload of data but precious little insight. This poses a long-term risk to an organisation.
Enterprise data levels are growing
As recent research revealed, enterprise data levels are growing; the IDC predicts growth of 23%, as cloud computing and increased connectivity from the Internet of Things (IoT) become part of the business norm. This growth and increased connectivity could exacerbate the existing problem of major data levels but poor insight – especially if organisations lack a properly engineered data approach, backed up by a data-centric strategy.