By focusing on the right areas and using the right technology, businesses can bring light to their data and save their bottom line.
Businesses are always happy to have more data about their operations, customers, and the results of their strategy implementations. The problem is that, once they have it, they may not know exactly what to do with all that information.
Not knowing the best way to interpret and act on the data can literally be costing your business. And those costs could be in the form of lost revenue, missed opportunities, lower efficiency and productivity, quality issues and more. Forrester reports that between 60 percent and 73 percent of all data within a business organization goes unused for analytics.
Even though more businesses are advocating about big data, utilizing technology and systems to collect more data and recognizing the value of data.
This unknown and unused data, known as dark data, comprises more than half the data collected by companies.
Gartner defines dark data as:
“The information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes (for example, analytics, business relationships and direct monetizing).
“Increased data growth over the past decade has created an unstructured data nightmare,” says Alan Dayley, research director at Gartner. “It’s not just the cost to store it. Huge volumes of dark data make it harder to find what is useful and may mean we miss business opportunities.”
IBM estimates that 80 percent of all data collected is dark data. Most of this is generated during regular business activities but isn’t used for any other purpose. Types of dark data include:
- User activity logs
- Server monitoring logs
- Customer conversations
- Emails, meeting minutes and employee created data
Dark data leads to High Costs and Poor Business