The High Cost of Standing Still on Your Data

by Jim Weldon

If the median Fortune 1000 business increased the usability of its data by just 10 percent, it would translate to an increase of $2 billion in total revenue every year. – Measuring the Business Impacts of Effective Data, University of Texas and Sybase

There’s no doubt that data is the strategic asset of our times. But unlike other assets that grow and shrink on supply and demand—capital, energy, human resources—data is only multiplying. Everyday we are in business, more and more data is generated about our transactions, our financial decisions, our inventories, and our customers.

At the same time, it’s an asset that carries risk: Data faces the constant threat of attack. Large-scale data breaches are a weekly headline. And even if we can avoid being the next victim, increasing government regulations are adding to the cost of managing our data and making sure we’re in compliance. 

While most mid-sized companies are struggling to keep up, behemoths like Amazon and Facebook are racing ahead—unlocking new and uncharted territory and deriving new types of value from their data with machine learning and A.I.

No matter your literacy with technologies like these—or how much data you are actively collecting—if you’re standing still, you’re losing ground or dead. 

This paper is a primer for leadership—CEOs, yes, but also CISOs, CDOs, and anyone else who can imagine a better way forward with their companies data. 

What does successful data innovation look like? And what do you need to get started? 

At Trovo, we feel strongly that companies of all sizes should be able to harness the power of their data. We offer products and solutions that help you build your data ecosystem and compete with a new—and perhaps unexpected—edge.