The Digital Data Mart: The Business Model of the Future
By Tim Panagos
April 4th, 2018 Philadelphia, PA – Companies are increasingly awash in data. What does that mean? Information Technology has always and continuously generated and processed data and until recently the growth of that data management has been linear. Manageable. Predictable. But, the world has hit the data singularity–a discontinuous spike in the volume, velocity, and variety of data. Many forces have conspired to bring about the data singularity–the spread of mobile computing, the growth in network bandwidth, the advent of IoT. There isn’t a single cause. Rather, the data singularity represents the culmination of several macro trends. We live in a world where the marginal cost of generating, transmitting, and storing one additional byte of data is functionally zero. And because the marginal cost is zero, every event that is capable of generated data is doing just that: generating data.
This is creating challenges. Because locked within the data is value as well as risk. The majority of businesses think of their data as being more likely to provoke misuse than to generate value-added use. The default security stance has been to lock-down and discard. These corporate instincts may mitigate risks but they leave a lot of money on the table as they fail to recognize the potential value of historical and cross-functional data analysis. So data governance is focused more (and often exclusively) on data retention (or really the flip-side data disposal) and denial of access rather than on data value-creation. People are overwhelmed. People are frightened.