Data is meaningless unless it is organised in a way that enables people to understand, analyse and ultimately make decisions and act upon it, i.e. by creating consumable information.
The expectation that the world will be flooded with data is not a surprise. The volume is expected to grow up to 163ZB until 2025. The main reasons for this development are new technologies which on the one hand require data and on the other hand produce data, for example autonomous cars, the Internet of Things, smart homes or 3D-printing. Moreover, there are technologies generating enormous amount of data, like social media and mobile applications.
The explosive growth of the amount, diversity and importance of data will create new challenges for companies and private users. To master these challenges and to monetize the data, it is important to focus on the relevant data which have the biggest impacts on the own interests, this includes the collection, selection and storage of data. Furthermore, it is crucial to make a correct interpretation of the collected data, which can be used to define market requirements, to forecast trends and to take decisions.
Finally, it is essential to create a strong protection of the own created and collected data to keep a competitive advantage and the reliability towards customers.