Why Business Intelligence Matters, Part 2: Big Data

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

1. 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.
2. 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.

Another interesting development shows an emerging class of ‘digital media’ which is data! In the context of her report, this data refers to user-generated content like product reviews and personal trip details or mapping info, most of which is being created on mobile device applications. 

Digital Information’s Exponential Growth: What it Means to Your Business

I can summarize these data trends into two key points:

1. The potential of Business ‘Intelligence’ can never be realized without the ability to access all that digital information in a manageable, meaningful way.
2. 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.

The data show that we have a lot of work ahead of us!

LAC Group Research Capabilities

If you’re wondering where you can find a librarian for your business, LAC Group provides skilled, trained library staff on a temporary or permanent basis. Follow this link to read more about our Rapid Research Solutions.

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.

Follow this link to “10 Ways to Make or Break a Successful DAM Implementation”, an article in our latest newsletter by Phil Spiegel, our Digital Asset Management expert. (Or as we like to call him, our ‘DAM Director’)

Internet Trends presentation

 Follow this link to view Mary Meeker’s complete Internet Trends presentation.