I was today-years-old to know that the world sends around 650 million Tweets, 333.2 billion emails and 416 million WhatsApp messages daily. Google gets 8.5 billion daily queries at 99K searches/second! Instagram users post about 347,222 stories every day. 1,388,889 voice calls and messages are sent out daily. Netflix users stream 404,444 hours of video content every day. These are fascinating numbers, and a lot of information is created, copied, and captured in cyberspace! At the same time, another statistic shows that poor data quality costs the US economy up to USD 3.1 trillion yearly. So, why is quality data fundamental for a business to succeed?
Over 95 per cent of industry leaders consider the need to manage unstructured data as a problem for their business. No wonder 97.2 per cent of organisations are investing in big data and AI. If you are a business leader, whether or not your strategies and decisions have the outcome you anticipated, if you use data, then you can be confident that you developed your approach based not upon guesses but good solid data. In a nutshell, good data allows organisations to establish baselines, benchmarks, and goals to keep moving forward.
In this special issue, we have featured some critical insights into data and its uses explained by leaders from various verticals. We hope our efforts will help readers who wish to know more about the necessity of data management to grow their businesses.