The World Economic Forum estimated that by 2025, the world will produce 463 exabytes each day – That is 463 followed by 18 zeroes!
The proliferation of data means organizations must ingest a larger volume of data from a wider range of sources and use them in more innovative ways to stay competitive. This trend is driving an industry of big data solutions from data quality and storage tools to advanced analytics engines and visualization software. Statista projects the market for big data solutions to increase from $42B in 2018 to $103B in 2027.
Proliferation of data and data tech creates a challenge to the traditional hierarchical data governance model where IT oversees data and technology in general. In this model, all data and tech requests must go through one department. With an increasing number of data and technology requests, this bottleneck creates inefficiencies, and engenders data fragmentation that creates compliance risks, data security risks, and other risks.
To address this challenge, organizations have been updating their data governance framework. Instead of reinforcing a centralized role (IT), businesses are aspiring to achieve a more decentralized organizational structure when it comes to data and technology. This structure can support democratization of data, allowing different teams the access and control of the data they rely on. This type of governance model not only frees up the IT bottleneck, but it also empowers members of your organization to drive data and tech dependent innovations.