The world is in the midst of a massive explosion of online information, with compounding data volume, new forms of media, and seemingly unrestricted speed of sharing information. Every 60 seconds 208 million emails are sent, 278,000 tweets are posted on Twitter, and 571 new websites are created—and those numbers are increasing constantly. Big data evangelists suggest that 90% of the world’s data has been created in the last two years, and David Kessler of Norton Rose Fulbright noted in a recent webcast that this trend shows no signs of slowing. This massive influx of information can be overwhelming, but getting a handle on it is an essential element of basic corporate record keeping. Data management experts talk about controlling the “3 Vs”—volume, velocity and variety—but this is easier said than done.
It is perhaps unsurprising, then, that most companies appear to be struggling with data management. At least this is what Control Risks and the Economist Intelligence Unit found in a recent survey of over 300 companies.