When a company decides to take on the challenges as well as the huge opportunities of the digital era, it also accepts to play to the rules of this business which in essence are:
- Everything which can be digitalized will be digitalized
- Mobile first
- Survival of the fastest
While oil has been the essential resource in the industrial age, data will be the oil of the digital age. For digital enterprise everything depends on what data they have and what they are capable of doing with it. Or, if you want to put it into a simple formula:
Success in digital business = (data quality) x (ability to process huge amounts of information in real-time)
Data quality is about consistency, accuracy and availability of data. Just like a diesel engine will not run with gasoline, digital processes will not run with wrong and outdated data.
The ability to process big data volumes it is not only about the ex-post analysis for future decisions. It is about finding the best solution out of millions of alternatives in a matter of milliseconds – and then executing on it. Whenever I talk about processing of big data volumes in this blog, I have transactional processing with embedded analytical capabilities in mind.