Blog: McKinsey says only 1% of generated data has ever been analyzed – where do you stand?
Big data and its twin brother analytics have been the business buzzwords already for the last ten to fifteen years and for good reasons. Advances in technology and computing have enabled massive data generation and there is no slowdown in front of us. We have also learned how to put data into a good use.
Whether You are the IT guy trying to convince your boss that analytics is where she should be investing, or the analyst trying to explain pretty much anyone what you do for living, here are few facts about the data we create, how we use it, and how much of it there is will keep us amazed.
Facts about the data:
- 1.7MB of data was created every second by every person during 2020
- In the last two years alone, an astonishing 90% of the world’s data has been created
- 95 million photos and videos are shared every day on Instagram
- Every day, 306.4 billion emails are sent, and 500 million Tweets are made
- Machine-generated data accounted for over 40% of internet data in 2020
- Google processes over 3.5 billion search queries every day
- Forrester reports that between 60 percent and 73 percent of all data within an enterprise goes unused for analytics
- McKinsey reports that only 1 percent of generated data has ever been analyzed (and analyses are often conducted as discrete one-offs, nifty experiments, but not much more)
Based on the findings of NewVantage Partners 2020 Big Data and Executive Survey (Fortune 1000)
- Only 26.8% of firms reported having forged a data-culture
- Only 37.8% of firms reported that they were data-driven
- Only 45.1 of firms reported that were now competing on data and analytics
As you can plainly see just from the numbers, big data or analytics aren´t going anywhere. Neither is the work required to explain them and put them to good use.
Fatman´s latest contribution to the ever-increasing data is related to the IFRS16 contracts. Daily snapshots of all relevant contract information including 200+ datapoints are now available to the Frame customers.
Provided data enables multiple use cases from analytics to daily operations and with the data provided You e.g. are able to:
- Evaluate potential discount rate changes to lease liabilities and ROU assets
- Combine contract information to other data sources
- Visualize data as You like
- Create dashboards for your management team
- Be sure that contract data is always up to date
Use cases are not limited to these examples and Fatman refines use cases for You with pleasure. Please contact
Anssi Tuulivirta, senior development manager