When compared to a decade ago, there’s no longer any lack of data for businesses. The challenge for large organizations today is figuring out how to sort and analyze the increasingly large volumes of data they collect in ways that reveal actionable intelligence.
The development of Master Data Management technology and other analytical processes that actually enable analysts to gain useful insight from the mountains of numbers sitting in our data warehouses is still in its infancy. While data quality at data-entry level may be easy to control, interpretation and analysis of the information without any rules or guidelines can lead to incorrect reporting and, eventually, incorrect decisions. As a result, Master Data Management will be a hot topic for the coming decade, and the evolution of data mining will be one of the great productivity revolutions for the next decade.
We’re generating terabytes of data every minute. Figuring out what it all means will be the next gold rush. You can read more about this topic here.