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Every Buzzword Was Born of Data

  • 8 mths ago

Many of today’s hottest technologies come at us as buzzwords.

Artificial intelligence (AI). Machine learning (ML). Edge computing. Internet of Things (IoT). These and many other innovations promise business advancements. Business leaders have an idea what these technologies can offer—but not always why and how to deploy them to deliver maximum return on investment. This, coupled with the meteoric rise of software companies that often star in media articles, means the power of data is still underestimated. We don’t think enough about data.

In reality, data fuels all modern technologies. It’s behind every fashionable trend, solution, and buzzword. Without data, there are few insights and innovations. Without data, there is little profit to be made.

An Overlooked Currency

Some estimates project that individuals create 1.7 megabytes of data every second . The amount of data that proceeds from enterprise businesses is much greater, and—thanks to technologies such as AI, ML, IoT, and edge computing—it’s exploding.

According to Rethink Data, a report commissioned by Seagate and conducted by the research firm IDC, in 2021 alone, the volume of enterprise data grew at an average annual rate of 42%. IDC expects the amount of data around the globe to reach 179 zettabytes by 2025.

When smartly deployed, data can be a game-changing business currency—in some cases literally, given the rise of cryptocurrencies and blockchains. As Google’s Director of Research Peter Norvig famously sums it up, “We don’t have better algorithms. We just have more data.” And yet, as the enabler of business value, data is too often overlooked.

For enterprises, the ability to easily migrate data between companies’ on-premises and cloud environments is more important than ever. However, without a savvy data strategy, massive amounts of data go unused‚ representing wasted business opportunities. In fact, 68% of data available to enterprises goes unleveraged.

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