From Numbers to Actions: Making Knowledge Work for Firms | by Michał Szudejko | Aug, 2023

What flops and what works?

As we speak, organizations and people are swamped with information. Every day, 329 million terabytes of knowledge is produced globally, amassing a whooping complete of 120 zettabytes each year [1].

However what does that imply in tangible phrases? Contemplate an iPhone with 128 gigabytes of storage. Allow us to think about that every single day, the equal of three billion iPhones is full of information*. Sounds spectacular? Let’s delve deeper. This every day determine extrapolates to a theoretical 1.08 trillion iPhones overloaded with information yearly. Given the present international inhabitants of roughly 7.8 billion, this implies every particular person would want to own almost 139 iPhones [2]. Absurd, proper?

The sheer quantity is staggering, however the development fee is equally astonishing. Simply 13 years in the past, in 2010, the annual information creation stood at a relatively modest two zettabytes…

That’s simply scratching the floor. Contemplate the info that by no means make it on-line — recordsdata saved immediately on our gadgets or notes and paperwork penned on paper (sure, that’s nonetheless a factor!). Estimating that quantity?

I wouldn’t even enterprise a guess.

Image of iPhone sunking in data
No iPhone can take it. Supply: picture by creator, generated in DALL-E 2

So, there’s a ton of knowledge on the market.

However what does this imply for companies?

I just lately reviewed the newest Knowledge and AI Management Govt Survey [3]. The outcomes confirmed that 97% of corporations have already invested in information and associated infrastructure. 92% have put cash into huge information and synthetic intelligence. You’d assume this implies they’re seeing returns on these investments. Not fairly. A mere 40% of these surveyed mentioned they view information as a ‘revenue-generating’ asset.

Solely 27% of those corporations take into account themselves data-driven organizations.

What? Why?

The principle points are twofold. Whereas some issues stem from know-how, a large 92% come up from human elements like organizational tradition, folks, and processes. Even tech points usually boil right down to human errors.

This may shock some. I as soon as noticed an announcement that mistakenly mentioned “decision-driven

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