Most of them believe that information is a valuable commodity, and one worth hoarding: the more we have of it, the more we can learn from it, and make changes that will drive business success.
But in the rush to avoid being left behind, I also see that many companies risk becoming data rich but insight poor. They accumulate vast stores of data they have no idea what to do with, and no hope of learning anything useful from.
To add to the problem, a lot of data has a lifespan. At some point in time, it becomes no longer relevant, inaccurate or outdated. But often it is held onto anyway in the mistaken belief that some day it might come in useful.
It is important to remember also that collecting and storing data costs money – data requires storage, electricity to power it and, if the information is sensitive (including customer records) attention to be spent on security and data compliance.
Of course, the problem becomes even bigger when we take into account the predicted growth in the data companies will produce: