Data forms the cornerstone of digital transformation. It comes as no surprise that organisations around the world are harnessing the power of data to enrich customer experiences, construct innovative business models, elevate operational efficiency and productivity, and venture into untapped markets.
At its core, such enterprises are embracing the foundational principles of Data-Driven Innovation (DDI), as defined by Gartner: “The use of data and analytics to develop or foster new products, processes, organisational methods and markets.”
Yet, here lies the challenge.
As of today, an overwhelming abundance of data exists, presenting a formidable obstacle in extracting valuable insights and harnessing them for innovative purposes. The amount of data is growing exponentially as well, with IDC and Seagate estimating the global datasphere—all data stored in all formats—to grow from 45 zettabytes (ZB) in 2019 to 175 ZB in 2025. With 1 ZB equivalent to roughly 1000 million terabytes, that rise equates to four times more data created in just six years.
As depicted in the graph above, the relentless and explosive data growth, which most estimates anticipate continuing in the coming years, unequivocally presents a paramount challenge for all companies; effectively leveraging this wealth of data. Simultaneously, this ongoing data explosion offers a burgeoning landscape of innovation opportunities.
Not coincidentally, the Organisation for Economic Co-operation and Development (OECD) describes DDI as “a key pillar in 21st-century sources of growth”—one spurred on and heavily influenced by “the confluence of several trends” that include the rise of the Internet; the declining cost of data collection, storage, and processing; and the unmitigated explosion of data.
These large data sets, according to the OECD, are “fostering new industries, processes, and products and creating significant competitive advantages”. This is exemplified in various scenarios:
- Optimising the supply chain.
- Promoting the most efficient use of labour.
- Enhancing and hyper-personalising customer experiences and relationships.
- Improving energy and resource efficiency.
- Enabling better use of public sector information.
In essence, this epitomises the core principle of innovation: The pursuit of improvement.
Yes, data is the linchpin, the driving force behind it all. It’s the lifeblood of the transformative process. But the engine that drives it all towards positive change is DDI.
But there are plenty of challenges that need to be addressed—including the unprecedented strain IT systems have to deal with in ingesting, storing, and analysing stores of data. Left unmet, these challenges will render data useless and significantly limit innovation.
These are the central themes of Lenovo’s upcoming exclusive roundtable co-organised by Asia Online Publishing Group, where expert speakers will unveil the secrets to reshaping your organisation’s data landscape, propelling it towards sustainable success and a newfound competitive edge.
Among various topics, this roundtable will delve into the critical aspects of DDI, including data accessibility, quality, analytical prowess, and fortified data protection in an increasingly cyber-threatened world.
This in-person, limited-seating roundtable is scheduled for October 26th, from 11:30 AM to 2:30 PM at the Aloft Kuala Lumpur Sentral. If you’re eager to gain a competitive edge in today’s fierce business environment, this is your opportunity to engage in productive discussions with your peers and industry experts regarding the successful implementation of data-driven innovation.
To discover more and complete your registration, please click HERE.
**Registrations are limited. You will be placed on a waitlist and contacted for confirmation to attend the event.
