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COVID-19 has led to a massive leap in digital transformation across all industries. During the pandemic, companies reacted to the dramatic shift of consumers towards digital channels by digitizing their internal operations, supply-chain interactions, and their product offerings. A survey by McKinsey revealed that COVID-19 accelerated the adoption of digital technology by several years, and those changes are here to stay. Now more than ever, this rapid digitization is leading to an explosion of data. According to Accenture, by 2025, the world will produce 463 exabytes of data in a day. This is 92 times the amount generated daily in 2021, and approximately the size of the entire world’s storage capacity in 2009.
Companies sitting on treasure troves of data are feeling the pressure to become data-driven. Not only are data-driven organizations 23 times more likely to acquire customers, but they are also 19 times more likely to be profitable. This pressure will animate much of the stories we’ll see in the upcoming decade. Similar to how organizations adapted to the rise of personal computing and the internet over the past 40 years, they will need to adapt to a new era that will be defined by data literacy. In this white paper, we discuss 9 data trends and predictions that will shape the new year.
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