Peter Drucker, an early pioneer and leader in the field of management education, famously wrote that “the purpose of business is to create a customer.” His 20th century business philosophy has carried into the digital age with a new twist. Drucker might be more tempted to say that the purpose of business today is to use data to acquire a customer, a challenge that has become more apparent as the capture, storage and analysis of information becomes everything in the enterprise.
Deriving value from data and then putting it to good use in the business world has become the holy grail of success and a key predictor of whether a company will rise or fall. The formula for success thus becomes based on how effectively the enterprise world can build its own system for harnessing true data value. To draw from another famous Drucker quote, “The best way to predict the future is to create it.”
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