An Equally Important "V": Value
It’s common when referencing the growth of data, that we talk in terms of the “three V’s” — volume, velocity and variety. But as organizations shift from being data-capturing to data-enabled, a fourth V is quickly taking center stage: value.
Ultimately we would love to see an environment where data is seen as an asset on the balance sheet of businesses. When that happens, businesses can truly value and understand what they have in their data.
While the conversations around data volume are significant, quantifying data’s inherent value is the paradigm shift that moves the assumption of data as a byproduct of business to data as an essential and valuable asset.
In 2018 and beyond, extracting the value of data will become an even greater necessity to most organizations. This shift will drive companies to capture and preserve more of the data they generate in order to transform it to find value. As value is established and agreed upon, more organizations and even individuals will have the ability to offer their data to those that can derive value from it. In fact, according to research, 100 percent of companies will purchase data to enhance their business decisions by 2020.
Establishing Data Value
Western Digital and Accenture research has identified multiple use cases that illustrate the essential value of data. We have focused our research on three specific areas:
- Dawn of the IoT Data Marketplace: By 2030, data marketplaces will be created where IoT adopters, both sellers and buyers, will come together to establish value and exchange IoT data as an asset using blockchain.
- Edge Processing Revolutionizing Car Safety: Edge computing is propelling safety technology in vehicles, along with onboard computers. These advances could generate substantial benefits for both consumers and industry.
- Dark Data and Hyper-Personalization in Healthcare: Dark data can drive hyper-personalized health services to generate economic value and improve patient outcomes.