Last week I talked about the research aspect of business intelligence, saying that for the best researchers, look to librarians. Trained and experienced library science professionals know where to look and how to uncover the most salient information on any topic, including business topics.
This week I will talk about the other half of the business intelligence equation, the digital data itself. Business intelligence looks at both external and internal data, sources that are growing so fast and so exponentially that a couple of business terms—Big Data and Digital Asset Management or DAM—have been coined as a result.
Big Data and Digital Asset Management
- Big Data refers to data sets that are so large and complex that it becomes difficult to process and gain meaningful access to them using traditional data processing applications.
- Digital Asset Management is the process of centrally organizing and storing digital information in rich media formats like video, photographs and presentations.
How much data are we talking about?
- According to IBM, 90% of the data in the world today has been created in the last two years alone. That equates to the creation of 2.5 quintillion bytes of data every day.
- According to Mary Meeker of VC firm Kleiner, Perkins, Caufield & Byers in her latest release of her infamous ‘Internet Trends’ report,there are now 2.4 billion Internet users around the world and still room for growth.
Meeker’s slide about the creation and sharing of digital information globally on the internet echoes the statistic shared by IBM:
While this refers to the world of internet users on the entire planet, more than likely the information being produced within the business universe of your company, your markets and your industry would show a similar trajectory.
Digital Information’s Exponential Growth: What it Means to Your Business
- The potential of Business ‘Intelligence’ can never be realized without the ability to access all that digital information in a manageable, meaningful way.
- The ability to do Point 1 depends on competent research and organized systems and processes for storage and retrieval, aka Digital Asset Management.
Big Data and Digital Assets are at the core of LAC Group’s mission and purpose of helping our clients manage information in the most useful, economical and meaningful way.
LAC Group Research Capabilities
Digital Asset Management (DAM) Capabilities
LAC Group can help you set up the right processes and systems to organize and archive your company’s digital assets for easy retrieval.
Follow this link to learn more about our Digital Asset Management services.