Data is commonly defined as, “facts and statistics collected together for reference or analysis.” With the help of technology, the process of collecting and analyzing data continues to evolve and is now bigger than ever. Businesses are relying on mass amounts of data to gain insights into their customers and meet their objectives.
Data is especially important for suppliers to the Department of Defense (DoD). For example, our industry maintains a vast amount of information like Radio Frequency Identification (RFID) and Item Unique Identification (IUID) to effectively track and ship products, meet DoD requirements and complete transactions.
We’ve noticed a few trends that are shaping how we use data, and these trends aren’t slowing down in 2017.
Data volumes continue to grow
As the internet of things (IoT) continues to grow, the amount of data created worldwide is expected to increase tenfold by 2025. That’s a lot of data. In fact, according to an International Data Corp (IDC) white paper, “By 2025, an average connected person anywhere in the world will interact with connected devices nearly 4,800 times per day – basically one interaction every 18 seconds.”
From a business perspective, organizations need to be strategic about what portion of that data to manage and how to manage it. If not done correctly, organizations could lose revenue, provide poor customer experiences and suffer operational issues.
More and more data moves to the cloud
Due to the increasing amount of data, organizations are taking more of their applications to the cloud and out of their data centers. Data centers can be expensive to manage, especially for small businesses, and companies today don’t want to be required to lock in for multiple years to on-premises equipment.
The cloud is based on subscription services, is scalable to your business needs, and offers greater flexibility. There are many benefits to working with cloud service providers that offer the big data processing platform, as well as the expertise. For these reasons, many organizations have already moved to the cloud, and even more will follow suit.
Many of the DoD suppliers we work with enjoy the ability to work in the same dashboard as their coworkers located around the country. All data in the dashboard is updated in real-time through the cloud.
Companies place great importance on security
Although a slow process, companies seem to finally be catching on to the importance of data security and are putting resources toward it. And as more companies than ever are relying on data, they will be forced to evaluate and improve their privacy and security procedures. In fact, Gartner predicts that by 2018, 50% of business ethics violations will be related to data.
We want immediate gratification
Today, most everything can be done with the click of a button, leading customers to demand instant gratification. The same goes for companies when it comes to their data analytics. Executives and managers want to see analytics that offer immediate, actionable data. Gone are the days of waiting hours or even days to get answers and insights. Real-time data programs, like Odyssey, offer the ability to make accurate and real-time decisions, based on the data provided. Fresh, timely insights will be more important than ever.
These trends have already emerged, but they will only continue to drive the world of data in the years to come. All businesses, especially those working with the Department of Defense, should see themselves as data-driven companies. Executives and data professionals should keep a close eye on these trends and adapt their data strategies as needed.
By collecting and analyzing the right data, DoD suppliers can save time, money and resources getting the job done. Learn more about our data-driven services here.