The digital economy has been an engine of growth for companies over the past decade.
Part of that growth was fueled by cloud computing, which enabled new business models and new products, boosted efficiency in many parts of your business.
Most companies have, in the past decade, heavily invested in infrastructure and software, such as:
1 enterprise resource system,
3 workforce marketplaces
Old Legacy systems have been replaced. The data is now easily accessible for most organizations. The result of all that development is that there is a tremendous amount of data. We are reaching zettabytes. = 1 trillion gigabytes. We are now entering the age of data.
While the volume of data is and our capacity to store, process, and analyze data are growing exponentially fast, the ability of most organizations to keep up with it and to enable company growth is a huge challenge.
Your task as a business leader is to turn an enormous amount of information and data into actionable business decisions that will ultimately result in better services and better products for your customer.
In the Age of Data, the winners are the businesses that have truly put the customer at the heart of their business, by combining qualitative and quantitative data to better understand who their customer is, what drives them, what their needs are and how to serve them.
One of your leadership tasks in the next decade is to turn “big data” into “big information” that leads to “big decisions” and ultimately “big business growth”.
We will be seeing a shift and developments that are now unimaginable.
The leading companies are now creating data centers and computing power on a scale we have never seen before. Those data centers at the heart of cloud computing are called hyperscale.
What we will see in the near future is business decisions will be fully data-driven or heavily supported by data.