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BizReport : Internet : September 02, 2020

Study: Data age is here but many aren't prepared

Data continues to be a hot-button issue within many businesses, but as more people go online for everything from grocery shopping to news gathering the amount of data continues to exponentially increase. And, according to new data out from Splunk many businesses simply aren't ready for the sheer volume of numbers coming at them on a daily basis.

by Kristina Knight

While most executives believe the data boon that is expected over the next five years will be good for their business one new report indicates many simply aren't ready for what that amount of value means to their business.

Take for example IT brands; while many are set up the best to handle an influx of data they say more than half of their current data (66%) is 'dark' - meaning it is unknown, unused or untapped. That is 10% more than last year. What's more, just over half (57%) say data is already growing at rates with which they are unable to keep up.

"The Data Age is here. We can now quantify how data is taking center stage in industries around the world. As this new research demonstrates, organizations understand the value of data, but are overwhelmed by the task of adjusting to the many opportunities and threats this new reality presents," said Doug Merritt, President and CEO, Splunk. "There are boundless opportunities for organizations willing to quickly learn and adapt, embrace new technologies and harness the power of data."

Other interesting findings from the Splunk study include:

▪ 81% say data is crucial to their overall success and 75% say it's necessary for innovation
▪ 47% say their business 'falls behind' in rapid data growth
▪ 62% of health orgs say 'at least half' of their data is dark

More data from Splunk's Data Agereport can be found here.

Tags: advertising data, age of data report, consumer data trends, data trends, ecommerce data, online data, Splunk

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