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How Is Data Being Used By Businesses Today?

It is clear that there is a need for data storage in the United States as evidenced by its increased usage. In fact, the average daily data usage across the nation rose from 12 GB in March 2019 to 16.6 GB in 2020. This 38% increase was spread across every device category, and with good reason; Businesses are becoming increasingly reliant on data usage, as well as having strong and reliable Internet access. Due to the fact that many businesses are forced to have employees work remotely during the pandemic, it is virtually impossible for many of them to function properly without a reliable Internet connection and a surplus of data capacity.

The question for many is how this data is being used by growing businesses through its carrier services and Internet access. With some experts referring to data as the “new oil”, its significance cannot be understated.

Is All Data Usable?

One question being explored by many business owners today is whether all of the data they are storing is usable. Dark data is one type of unusable data that many businesses store without fully realizing that they are doing so, though this tends to be more common overseas than it is in the United States. In part, this is an efficiency issue.

The problem with storing unusable data is that it does not strengthen a company’s Internet access in any way and it actually costs businesses money. Although the importance of data and data center services has grown since businesses have discovered more ways to use data, the cost of storing data has increased. Therefore, storing unusable data is essentially equivalent to wasting money.

A large reason why some data is unusable is that businesses simply lack the tools to properly analyze the data. The data may lie in unstructured systems and therefore cannot be efficiently captured, analyzed, and used. Some data also simply isn’t high enough quality to be properly used.

What Can Make Unusable Data Usable?

While some unusable data may be beyond saving, some strategies offer the opportunity to harvest the potential of utilizing dark data. Businesses are training their employees data science techniques in order to maximize data usage. Others are actively hiring data experts to guide them in terms of how they can strengthen their Internet access and get the most out of their data.

New software solutions also present exciting opportunities for data usage. This could allow employees who know less about this field to easily analyze large sets of data which would reduce inefficient dark data. This is perhaps one reason why some businesses are pushing more funding towards data-based projects.

Why Is Data Usage Increasing?

As previously mentioned, it is clear that there has been an increase in data usage over the past year and unusable data is taking up space that can be maximized by usable, high-quality data. Let’s explore 2 key factors as to why data usage is expanding so rapidly.

  • Machine learning – According to Technavio the machine learning market is poised to grow by $11.16 billion during 2020-2024, progressing at a CAGR of almost 39% during this forecast period. Demand is being driven by the increased adoption of cloud-based offerings.
  • Artificial intelligence – According to IDG, by 2024, the AI market is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion. This growth is driven by advancements in Machine Learning, Conversational AI, and Computer Vision AI which are at the forefront of AI software innovations, architecting converged business and IT process optimizations, predictions and recommendations.

As businesses collect more data to cope with these demands, fortunately  there are tools available that can be used to ensure that data is being used as efficiently as possible. This will allow business owners to expand their company data usage rapidly and smoothly.

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