Data deluge: more does not mean better for businesses

IN today's digital age, data is a key ingredient for business viability and growth. The proliferation of cloud-based apps and emerging technologies such as 5G, blockchain and artificial intelligence has disrupted the economy and also the way data is created, managed and utilised.

Data is arguably an essential resource empowering organisations to develop innovative solutions for customers and drive strategic decisions ranging from pricing, redesigning the business model and pivoting into new product lines.

The global pandemic has further fuelled the rapid growth of data. An IDC forecast report showed 64.2ZB (zettabytes) of data was created or replicated in 2020, with more people connected by multiple devices across different locations for working, learning or entertaining from home.