5. Conclusion
Given the distinct shift in focus from data production to data consumption, business managers need to better understand how innovative uses of data can influence their work. As a marketing commentator blogged, value creation during data consumption is onerous (Palmer, 2006): Data is just like crude [oil]. It’s valuable, but [left] unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity; so must data be broken down, analyzed for it to have value. While data undeniably has value, deriving value requires both broad and deep understanding of the digital universe. With respect to creating value for businesses, this article suggests that one must first link data analysis with the business imperatives of enhancing revenue, decreasing costs, and managing risks. While business managers are primarily keen on using data to generate insights, this article proposes that they also need to understand the roles of design and storage and processes and people in data management. These three elements–—use, design and storage, and processes and people–—comprise the data triad of the digital universe.