No 3 below is a critical one- never mind the miniscule percentage of all data actually mined, most enterprises ignore the majority of data they already store- typically 60% to 90%.
It is in inconvenient formats hard to access and analyse.
- Text in letters and emails for example
- Words in blueprints and plans
- Location and time metadata in photos and video
- Written notation covering slips on the trading floor at Lloyd's of London.
Whilst you wait for digital transformation much data is held in these formats. Not analysing the value locked away means decisions are flawed and rely too much on intuition and too little on fact.
Document management systems are not the answer; the inflexible tagging and indexing means you usually cannot find what you want if searching for the unpredictable, out of the ordinary. Is it an outlier or the new post-truth reality?
360Globalnet is already tackling this for the insurance and other industries. Of course there are other solutions but if you cannot afford to throw out your current document management and legacy systems and still need fast transformation you can start here.
PS- the other 4 reasons are in the article below.
3. Potential While we have made great leaps in Big Data, it is important to recognise the enormous opportunities for those willing to take advantage of it. While it may seem easier to wait for more use cases, the margins are greater than they will ever be. “Less than 0.5% of all data is ever analysed and used”. Source: Technology Review