According to intelligence collected by TRUE Global Intelligence and Spunk around the world, over half of the data collected on average by businesses is dark data. According to Gartner, dark data is defined as:

“The information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes (for example, analytics, business relationships and direct monetizing).”

To put it simply, most than half of the data created, captured, and gathered by companies serves no purpose. It is not only a waste of effort, but it also represents an ever-growing number of missed opportunities for companies all around the world. 

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Why don’t companies use all the data they collect?

Over 9 in 10 businesses struggle to manage unstructured data. Indeed, because a company typically collects and creates data from a variety of sources, most of the data come in different formats, shapes, and sizes. Due to the growing volume of data that navigate the market, defining and following the same formatting standards can be challenging. Companies do not have the resources to accommodate format disparities and varied data displays. As a result, many are forced to ignore data that can’t be reformatted effectively and rapidly for better use.  

Companies often collect too much data

Unstructured data isn’t the only reason why businesses fail to make the most of the information they collect. More often than not, there’s too much data. With Internet users generating around 2.5 quintillion bytes (a quintillion has 18 zeros) every day, it’s easy to see how the volume rapidly becomes overwhelming. Despite obvious data security concerns, businesses have failed to reduce the volume of data they collect. As a result, they struggle to find relevant and meaningful data. It’s a case of not seeing the tree for the forest. 

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Companies lack the tools and expertise

Generating data is a constant process, and every individual generates approximately 1.7 megabytes in only a second as of 2020. Additionally, devices, communication structures, and digital platforms also develop unique data metrics and charts, which the business can’t always understand or interpret effectively. The most common mistake for businesses is to assume that because data is readily accessible, its analysis is simple. In reality, data experts such as The Oakland Group are the first to admit that making sense of data requires years of experience and practice. In a world where data is the main language of all interactions, you need a specialist consultant who can speak data language. 

Every company becomes the Veruca Salt of the magical data factory

Just as Veruca demands everything here and now, companies often lack the patience to create meaningful data reports. With tools that can compile data in a matter of milliseconds, it’s no wonder companies fail to appreciate the efforts involved in data reporting. From sourcing data to creating a common format, data analysts can spend several days only preparing a report. Interpretation and analysis require more time, which businesses are not always ready to invest in. 

As data volume continues to grow, it becomes apparent that companies lack the time, resources, and knowledge to manage their data. As a result, many fail to identify valuable opportunities for growth. Businesses must seek advice from experts to shed light on their dark data.