With 90 per cent of the data around the world, today has created in the last two years alone according to IBN analysis that’s pertaining to 2.5 quintillion bytes of data daily. Numerous individuals, businesses and societies are experiencing data overload day to day making this field ever booming.
With the emerging of new technologies, the data growth also increases exponentially, where companies uncover new perspectives and draw relative insights for a better business decision which start with the democratization of data.
Businesses are always in the requirement of outlooks relating to quality, trust, safety, security or sustainability with the best solution being “democracy of data.” With many companies recognizing this, an attempt to access new markets, drive product quality improvements, understand their suppliers and assess their risks is made.
• Access New Markets
With the volumes of data available reshaping the model for how companies bringing in the products to market is growing. While we have to first test fixed products for safety, performance, quality and more it helps in the understanding of different markets and then opting for the one ideal for us.
• Informing Product Design
With the evolution of datasets made available tremendously today, companies are able to harness the huge amount of insights and perspectives to influence product design.
• Risk management and Protecting Brand Reputation
With the globalization of companies there rises several critical supply chain management issues from controlling costs and compliance requirements to customer service and supplier-partner relationships, where enterprises face more complex operational challenges than before.
Let’s conclude by assuming that data democratization is not pertaining to chasing data for data’s sake alone, rather it is a collection of many viewpoints so that businesses solve real issues and challenges on their own.