The Data Complexity Challenge & Iotics, a Beacon of Hope
Posted by Iotics on July 8, 2020
The value of data is well known, but so are the barriers to using it effectively. At Iotics, we’ve spent the last four years working with enterprises, partners, integrators, and users and have seen first-hand the frustration and complexity of the data challenge and its impact on the market. We were not surprised, therefore by the central finding of our recent commissioned Forrester Consulting study: that enterprises are struggling to fully access, extract meaning and action their data, but if they could – it would boost their annual revenues by an average of 22%.
The COVID-19 pandemic has created unprecedented strain for businesses, leaving a clear and troublesome impact on revenue. The global pandemic has brought problems into sharper focus, increasing the stakes and urgency, and removed the security of inertia, the defense that businesses can continue as they always have done. As companies look toward rebound efforts, refining their definition of “business as usual” on a near-permanent basis, they must prioritize resolving this data complexity problem – if addressed haphazardly they may – just – survive, but if they seize this moment and unlock their digital ecosystems, they will truly thrive.
Digitalization and grand visions of ‘smart’ futures and connected service offerings have been presented to and by boardrooms for a decade or more, but a majority are only at the starting line of a very long race to digitization and operating a truly data-driven business. The vision has been disconnected from the reality. Enterprises are, just now, laying the foundation for future innovation. The Forrester study shows their data remains locked in silos in a wide array of sources, stuck in inflexible and restrictive systems, which means their data – the key to effective business plans – is largely unactionable. This is obviously a financially frustrating, resource draining and exasperating challenge: as data continues to grow exponentially, resources dwindle rapidly and the problem snowballs.
We were also not surprised that the majority of enterprises are committed to digitization and connecting of data and assets — the guiding slogan of “digital or die” — since they believe that customer-centered digitization will deliver the highest value. How could we be — the team at Iotics has seen it work, and have observed the transformative power of liberating data to provide meaningful insights and drive real-world decisions. These leaders we speak to, like those surveyed in the Forrester study, have not given up hope that there is a solution to the data complexity problem which avoids the pitfalls, and false dawns, of implementing a traditional data lake, data hub or warehousing.
Enterprises are in dire need for alternative means of accessing, utilizing and extracting meaning from their data’s nonlinear growth, and at Iotics we know that this desire, and the corresponding hope, is well founded. What they need, what we all need, is relevant and meaningful insights at our fingertips for business-critical decision-making, particularly during these critical months.
Download the June 2020 Forrester study on “Clarity And Control Of Your Data Landscape: The Promise Of Digital Twins In Uncertain Times” — including data and detailed findings – here.