Corporations have access to a vast amount of data – all of which harbor a wealth of customer insights. To extract this valuable intelligence, companies must implement a dark data fracking strategy.
To illustrate, let us imagine a business hosts a corporate function with many high-profile, influential guests. At this event, there is a suggestion box where guests deposit their views about the function. Chances are that management will be anxious to check the box and read their comments. However, it is remarkable the number of businesses that do not take advantage of this scenario when it comes to data. In fact, many business leaders report that they do not excavate and evaluate their dark data on a daily basis. The illustrative suggestion box contains a mass of intelligence that can provide the company with practical tips to enhance business performance. Therefore, it is essential that organizations tap into this information.
Understanding dark data in the corporate sphere
Dark data is defined as valuable information that companies process, compile, and accumulate during ordinary business events, yet hardly ever utilize. In relation to the above illustration, if an outsider or even a thief accesses the suggestion box, it could mean that the business would never get a chance to know what it contained. In the context of a medium-sized to large corporation, the box contains numerous liabilities. Now imagine the business is big with an equally bigger suggestion box that is hardly ever opened; with time, the box collects massive data that are almost impossible to analyze.
What many businesses may not realize is that they are responsible for all the data they collect, even when they do not utilize it. Researchers indicate that all private or delicate data that a company loses can account for thousands of dollars in revenue loss. The research also indicates that a huge percentage of such data is lost every second across the world – or even more depending on how much data hackers access. Corporations have a responsibility to secure their data while ensuring safe storage and management. Failure to do so can result in dire consequences such as fines, depending on regional data protection laws.
Two critical data fracking tips
The following insights will enable businesses to leverage their data and safeguard themselves from revenue loss and exorbitant fines.
1. Data mining
According to experts, dark data collection and storage should be considered lower priority than analysis. What matters is the process of ensuring that your data stays away from the dark. Otherwise known as data fracking, data mining extracts unstructured or hidden intelligence from a company’s data lake. From here, corporations should be able to transform and consolidate data across platforms.
2. Data security
Research shows that a high percentage of data is dark, which means it is not utilized. This can present cybersecurity risks since the more an organization neglects dark data, the more they expose it to cybercriminals. Management should evaluate the magnitude of critical information a business holds, whether it is from transactions or even client data. Of course, cybercriminals are aware of the fact that businesses often pay little attention to these resources. Therefore, corporations should establish a data management solution that creates a robust data security framework and pinpoints cybercriminal activity.
Tap into valuable intelligence
Overall, it is critical that businesses properly manage dark data and ensure that it is well disposed of. As a reputable organization, it is important to build data administration into the foundation of business processes. Employees across the corporate structure should evaluate dark data keenly and remember that competitors are on high alert. It today’s fast-paced business landscape, it is crucial companies do not overlook such valuable intelligence.
To learn more about the importance of data fracking, review Datumize’s webinar with Dr. Edward Peters, Founder & CEO of Data Discovery Sciences. In this short presentation, professionals can learn how to efficiently tap this resource and increase their ability to add insight value to an organization.