Making more informed business decisions backed by the plethora of data out there is critical for business leaders, but it’s only possible if you know what data to focus on and what to push to the side. On the other hand, in the upstream oil and gas industry (where field data used to be collected manually), artificial intelligence solutions can be used to collect and process data electronically, thus enabling real-time reporting and decision-making. With financial reporting, for example, a data analysis tool should offer easy access to the most common calculations in addition to custom layouts and graphical representations of a variety of reports and statements. To process more data without experiencing a drop in quality or accuracy takes the right kind of technology for the specific situation. Data analysis and reporting are complex processes even under ideal circumstances, and they’re even more difficult when you have to contend with diverse management needs. Research from Seagate and IDC predicted in 2020 that enterprise data collection would increase by 42.2% annually through 2022, but how much of that data would be leveraged was far less certain. In the latter half of 2021, however, that 44 zettabyte figure is long gone. Clearly, ingesting data isn’t the problem - it’s digesting it that’s tricky. When one source estimated the total sum of data in the world would reach 44 zettabytes in 2020, an article published by the World Economic Forum put that figure in stark perspective: It’s 40 times as many bytes as stars in the observable universe. It’s easy to intuit that we’re creating more data than ever, but terms such as “kilobyte” and “terabyte” make it hard to quantify exactly how much more. Here’s how to shore up the way your organization uses data. Having a solid strategy in place - and the best software to compile the most relevant data and have it ready to share with stakeholders - are key parts of this equation. All executives know data, analytics, and reporting are critical to their operations.
0 Comments
Leave a Reply. |