Datification means we have more and more data to measure things and organizations are increasingly dependent on data - both internal and external - to optimally operate to compete and win. It is also about taking a process or activity that was previously invisible and turning it into data. That data can then be measured, tracked and monitored to optimize processes, make better decisions and innovate.
It is prudent for organizations to capture, store and analyze any and all information, even if they're not sure what insights the data will provide. Later the organization can decide what to look for to make better decisions on the operational level, innovate new products and services on the tactical level, and make game changing shifts on the strategic level.
Collecting and storing data from multiple sources - forming data science teams to combine, slice and dice this data to create valuable, actionable insights from the data - is the key to developing durable competitive advantage.
Consider the following:
- In twelve years the analytic software market went from USD $11 billion to $35 billion;
- In nine years the R programming language for analytic software grew to 1 million users;
- In one year the number of data scientist job posts has jumped 15,000%.
See: Big Data Analytics Infrastructure