By PAUL GRAEVE
The Data Group Founder
We’ve always given credence to the importance of data and the idea of being data-driven. But in today’s new AI crazed world data is getting more press than ever before. AI has brought data to the forefront of everyone’s minds like never before. But are we truly living in a data-driven world? In my book, "Data Driven Leader," set for a 2024 release, I explore this question and provide a road map for truly becoming a data-driven business.
The Data-Generating World
If you search for "the growth of data over time," you'll discover a staggering fact: 90% of the world's data was generated in the last two years. In 2023 alone, 120 zettabytes of data were produced, and this number is expected to increase by over 150% by 2025. We're rapidly advancing towards a future where planes, trucks, and cars drive themselves. Over the past 40 years, we've seen a progression from databases to data warehouses, data lakes, and now, data oceans. Artificial Intelligence (AI), Machine Learning (ML), and Deep Learning (DL) dominate the headlines, and AI-related companies' stock prices reflect this unstoppable data trend.
Are We Truly Data-Driven?
While it's easy to agree that we're living in a data-driven world, I present a different view. I assert that we're not yet in a data-driven world but rather a data-generating one. Despite the massive amounts of data we're creating and storing, we're analyzing and using less than 1% of it. This raises a crucial question: if we're not actively using the data, can we really call ourselves data-driven?
From Data-Generating to Data-Driven
To truly become data-driven, we must take ownership of our data. This involves aggregating, organizing, cleaning, enriching, and, most importantly, using the data effectively. The purpose of "Data Driven Leader" is to guide individuals and organizations on this journey. By owning and utilizing all our data, we can unlock its full potential and truly transform our businesses.
Transforming Data into Action
To become a data-driven leader, you must transform your business into a data-driven business. You can’t be a data-driven leader if you’re not running a data-driven business. Moreover, your business can not take advantage of any of these new technologies until you master your own data. "Data Driven Leader" aims to lead you through the process of transforming your company into a data-driven business, and thus, transforming yourself into a data-driven leader.
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